SEC Releases Report On IFRS Workplan; IASB's Tweedie Emphasizes Single Set Of Standards
Yesterday, the U.S. Securities and Exchange Commission published its first progress report on its IFRS Workplan. The IFRS workplan, published in February of this year, outlines six major areas on which the SEC believed further research and outreach was required, in order to faciliate the ability of the SEC to make an informed decision in 2011 as to whether to permit or require U.S. public companies to file financial statements with the SEC in International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board, or under U.S. Generally Accepted Accounting Principles published by the Financial Accounting Standards Board (as has historically been the practice).
Separately, speaking at a conference yesterday sponsored by Deloitte, IASB Chairman Sir David Tweedie emphasized that in order to achieve the G-20's goal of a level playing field (with respect to accounting standards), the way to get there was through a single set of global accounting standards - not just through 'convergence.'
Links to additional information and analysis can be found in the related summary under "Latest News" on FEI's website.