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SEC Explores Possible Option to Report Under IFRS

Tammy Whitehouse | December 8, 2014

The Securities and Exchange Commission is exploring whether to provide U.S. companies with the option to present their financial statements under International Financial Reporting Standards, perhaps even without a reconciliation to U.S. GAAP, said Chief Accountant James Schnurr.

In remarks at a national conference of the American Institute of Certified Public Accountants, Schnurr said he is studying the staff’s historical work on a possible adoption of IFRS in the United States, reaching out to stakeholders for current views, and hopes to make a recommendation to the full commission in “two to three months.” Any possible move on the part of the SEC would be put forth in a proposed rule that would be subject to public comment, he said.

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