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Mary Jo White Says SEC Statement on IFRS Coming Soon

Despite uncertainty regarding the agency’s next steps, U.S. Securities and Exchange Commission’s (“SEC”) Mary Jo White reaffirmed that International Financial Reporting Standards (IFRS) continue to be a top priority. After a June 20th speaking engagement with the Economic Club of New York, the SEC Chair remarked that her agency will have an updated IFRS statement in the near future, but is unsure what details it could contain. Per White, the last major issue relates to whether or not, and to what degree could IFRS be offered to domestic issuers.

When issued, the SEC’s statement will be the first concerning IFRS since Release No. 33-9109, Commission Statement in Support of Convergence and Global Accounting Standards. Published in 2010, the statement only explained what issues regulators hoped to address before creating rules for the U.S. to adopt standards by the International Accounting Standards Board, and was viewed as inconclusive. Two years later, the SEC published Final Staff Report: Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers, but the report mostly consisted of concerns regulators had to address before issuing the rule, and did not offer a decisive recommendation.

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