As noted in our blog post earlier today, and as confirmed in this SEC press release, the SEC voted earlier today to issue a Commission Statement in Support of Convegence and Global Accounting Standards- including a related Work Plan (included as an Appendix to the Commission's Statement), outlining areas needing further study, on which the SEC will base (contingent on completion of the Work Plan and completion of the FASB-IASB convergence projects oulined in their MOU) its decision in 2011 whether to move the U.S. financial reporting system for public companies from U.S. GAAP to IFRS.
Financial Executives International (FEI), an association of senior financial executives, and other organizations released statements in reaction to the SEC's announcement. FEI's statementsaid:
See a list of other organizations issuing statements in reaction to the SEC announcement here.
FEI is pleased with the SEC's decision to issue a Statement informing the public of its position and plans with respect to its proposed 'IFRS Roadmap.' We applaud the SEC for developing a Workplan to address issues raised by FEI and others in response to the proposed IFRS Roadmap with respect to public companies. We also look forward to providing expert input on behalf of the issuer community to the SEC as it addresses the important questions in the Workplan, including the impact on issuers' controls and procedures, corporate governance considerations, cost and human capital considerations, the impact on other regulatory filings, as well as investor understanding and education issues