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FINANCIAL REPORTING

SEC Forum to Address Benefits, Challenges of IFRS for U.S.

 

APRIL 20, 2011

The SEC on Wednesday said it is hosting a round-table meeting July 7 to discuss benefits or challenges in potentially incorporating IFRS into the financial reporting system for U.S. issuers.

 

The SEC said in a press release that the meeting will include three panels representing investors, smaller public companies, and regulators. The panel discussions will focus on topics such as investor understanding of IFRS and the impact on smaller public companies and on the regulatory environment of incorporating IFRS.

 

“We must carefully consider and deliberate whether incorporating IFRS into our financial reporting system is in the best interest of U.S. investors and markets,” SEC Chief Accountant James Kroeker said in the press release. “This round table will provide an excellent opportunity for investors, preparers, and regulators to provide the SEC staff with valuable information that will help the commission in its ongoing consideration of incorporating IFRS.”

 

FASB and the International Accounting Standards Board (IASB) are engaged in numerous projects to converge U.S. GAAP with IFRS. After a meeting last week, the boards announced that they will take “a few additional months” beyond their June target date to complete priority joint convergence projects on revenue recognition, leases, financial instruments and insurance.

 

The SEC event will be held at the SEC’s headquarters in Washington, D.C. The SEC will publish a final agenda including a list of participants and moderators closer to the event date. The event will be open to the public with seating on a first-come, first-served basis, and will be available via webcast on the SEC website.

 

The SEC is seeking feedback on the topics to address and suggestions for potential round-table participants. Submissions may be made using the SEC’s Internet comment form or sending an email to rule-comments@sec.gov with File Number 4-600 in the subject line. Paper submissions must be sent in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090. All submissions should refer to File Number 4-600.

 

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