Thursday, May 17, 2012

Focus on Public Companies: Progress Update on IFRS

While there aren’t specifics related to the U.S. implementation date for International Financial Reporting Standards (IFRS), the Office of the Chief Accountant for the SEC recently issued a progress update to the previously issued work plan. 

The work plan addresses the following areas:

  • Sufficient development and application of IFRS for the U.S. domestic reporting system
  • The independence of standard setters for the benefit of investors
  • Investor understanding and education regarding IFRS
  • Examination of the U.S. regulatory environment that would be affected by a change in accounting standards
  • The impact on issuers, both large and small, including changes to accounting systems, changes to contractual arrangements, corporate governance considerations, and litigation contingencies
  • Human capital readiness

The full text copy of this report is available here.

While this is just the first progress report from the SEC, it demonstrates the significant efforts being made.  It is important to note that no significant new conclusions have been reached and there is no discussion of actual implementation at this time.

For more information, contact:

Eric Janson, CPA
Partner-In-Charge
SEC Services Group
314.290.3295
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Charles (Chip) F. Harris, CPA
Partner
SEC Services Group
913.499.4426
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Rodney E. Rice, CPA 
Partner
SEC Services Group
303.952.1233
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