Compliance Week: We Have Another Exciting Non-Event IFRS Event to Look Forward To
Watch the bouncing ball, kids, we've been sitting around on IFRS for nearly a year and a half now. Do we or don't we? "Just the tip," says Chris Cox, then takes off and leaves all of this... well... not really exciting stuff in his wake. Come on, Mary Schapiro, I know you've got a large pair of bronze balls hiding underneath that pant suit and beef jerky veneer. Give it to us, girl, we're waiting.
Compliance Week's Matt Kelly:
IFRS! IFRS! We pivot back to the SEC for more news on Wednesday, when the commissioners will hold an open meeting to discuss their latest thinking on adopting International Financial Reporting Standards in the United States. The meeting notice is rather cryptic: the SEC will consider “whether to publish a statement regarding its continued support for a single-set of high-quality globally accepted accounting standards and its ongoing consideration of incorporating IFRS into the financial reporting system for U.S. issuers.” You don’t get much more vague than that.
I suspect the underlying goal will be to dial back expectations that the Commission will move ahead with adoption as originally envisioned in the IFRS roadmap proposed in 2008. That plan called for the Commission to decide in 2011 on whether to require IFRS adoption by 2014, and to allow a select group of large filers to experiment with filing in IFRS as soon as this year. Since then, however, the economy crashed and the SEC has had more pressing issues on its calendar. The select group of large filers who might volunteer to try IFRS conversion never materialized. And the Financial Accounting Standards Board and the International Accounting Standards Board, which keep promising to converge U.S. and international accounting rules by June 2011, still have a huge volume of work in front of them. All that makes speedy progress on IFRS adoption unlikely.
*Yawn* wake me up when something happens, would you? I'm still wondering what the hell the AICPA is thinking by jumping into testing standards on the CPA exam that aren't even in practice in the wild (at least in the US) and when something - anything - will happen. Anyone?