SEC to discuss IFRS issues

News Article - 13 December 2007
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Two roundtable discussions are to be held by the US Securities and Exchange Commission (SEC), addressing the growing issue of International Financial Reporting Standards (IFRS).

US investors currently have to deal with US Generally Accepted Accounting Principles for domestic companies and IFRS for US companies with an overseas listing, stated SEC chairman Christopher Cox.

The first roundtable meeting, taking place today (December 13th), will address the issue resulting from this co-existence of standards and look at how this is not only affecting US investors, issuers and markets, but also the global markets.

Mr Cox added: "The mandatory use of IFRS throughout Europe and increasingly throughout the world requires us to consider the impacts on our domestic markets."

The second roundtable, to be held on December 17th, will focus on the practical issues which may arise from US adoption of IFRS from the perspective of the US industry and also foreign markets currently using the reporting standards.

Former chief accountant of SEC Lynn Turner previously told Accountancy Age that US businesses do not currently have enough knowledge of IFRS to successfully adopt the standards.

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