James Kroeker, the SEC’s chief accountant, spoke to the AICPA on Monday. He said,
We remain committed to completion of a final comprehensive report on [IFRS] … the staff will need … a few additional months time to produce a final report. At the same time, the staff is in the process of developing an approach for Commission consideration.
I’m shocked. What is the SEC waiting for? President Obama has already promised the G-20 to move the U.S. to complete IFRS adoption. The SEC is on record as committed to moving the U.S. to global accounting standards. And Kroeker probably dreams of getting an IFRS tattoo.
I know Tom Selling at Accounting Onion keeps writing that there is still hope for derailing the IFRS Express, but I doubt it. The reason for doubt is SUMMArized in the image to the right —->
Kroeker also said the SEC should, “Provide for and facilitate a strong U.S. voice in the process of establishing global accounting standards.”
Yeah, right. I know what Hans, Ian, and the IASB have to say about that. Can’t print it here, though.
Did you notice that the FASB and the FAF escaped mention? They are already an afterthought. In the new world of accounting standard setting, it will be the SEC calling the American shots.
I sense a power struggle going on between the SEC and the IASB, and I suspect it is the only reason why the SEC is asking us for “just a little more time.”
Debit and credit – - David Albrecht