White House Tells Agencies: No Proposed Rules After June 1; No Final After Nov. 1, Will This Impact SEC's IFRS Roadmap, XBRL?

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By Edith Orenstein, FEI Financial Reporting Blog - In his article, ”White House Sets June 1 Deadline for Agency Proposals,” (article courtesy of Nasdaq) Martin Vaughan of Dow Jones Newswires reported yesterday that White House Chief of Staff Josh Bolten sent a memo to all federal agencies on May 9 requiring: “all rules to be finalized before the administration leaves office should be proposed by June 1, and final rules should be issued by November 1.” Additionally, according to Vaughan, the memo stated those deadlines apply in all but ‘extraordinary circumstances.’

Will the White House decree impact the timing of SEC’s anticipated IFRS roadmap, in which the SEC will lay out its plan for considering permitting – or requiring – U.S. public companies to file with the SEC under IFRS instead of U.S. GAAP? Or is a ‘roadmap’ different from a rule ‘proposal’? What about rule proposals that may emanate from any such ‘roadmap’? Will they be subject to the June 1 proposal, Nov. 1 final deadlines noted above? Or – will they fall under the ‘extraordinary circumstances’ exclusion? And what about the SEC's XBRL rulemaking?

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