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SEC Preparing End to IFRS Speculation

Tammy Whitehouse | November 10, 2014

The Securities and Exchange Commission may be preparing to put an end to all the lingering uncertainty and speculation about any possible adoption of International Financial Reporting Standards in the United States.

SEC Chief Accountant James Schnurr, appointed to his post in late August, said at a recent New York conference that he’s getting up to speed on what his predecessors have done to study a possible adoption of IFRS and plans to make a recommendation to the full commission in the next few months. He didn’t say whether the recommendation would be for or against abandoning U.S. Generally Accepted Accounting Principles and adopting IFRS in their place, nor whether the full commission is likely to act on his recommendation. Retired as a partner from Deloitte, Schnurr acknowledged the SEC could decide to take no action whatsoever, according to press...

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