Last December, at the AICPA’s annual conference to discuss current developments with the Securities and Exchange Commission and the Public Company Accounting Oversight Board, SEC Chief Accountant James Schnurr floated the idea of allowing U.S. public companies to provide voluntarily supplementary financial information based on International Financial Reporting Standards.
From Schnurr’s comments, it seemed that he envisions that companies electing to provide such information on a supplementary basis would have free reign to determine what and how much IFRS information to provide. It could range, for example, from a full set of supplementary financial statements prepared under IFRS to summary or partial financial statements under IFRS to piecemeal disclosures of what the company would have reported under IFRS for selected income statement or balance sheet items.
