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Corp Fin’s Higgins Responds to Lawmakers’ IFRS Questions

With tension mounting among lawmakers requesting the U.S. Securities and Exchange Commission (“SEC”) propose a rule on IFRS adoption, Keith Higgins addressed the agency’s consideration of the international standards. At the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises on July 24th, the director of SEC’s Corporation Finance Division referenced Mary Jo White’s May speech by reiterating her expectations to use IFRS more aggressively and have a clear strategy on the standards by year’s end. Higgins, however, did not mention whether U.S. companies would have the option to adopt IFRS.

Reflecting a letter sent by members of the Congressional Caucus on CPAs and Accountants to White last month, lawmakers continue to demand more information on an SEC rule regarding IFRS and what it will require. Although White has repeatedly stated that the international standards remain a top priority, the SEC Chair has made little progress.

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