SEC Chair Supports Idea for Supplemental IFRS Information
One year after Securities and Exchange Commission (“SEC”) Chief Accountant James Schnurr suggested allowing public companies to voluntarily supplement International Financial Reporting Standards (IFRS) information with their U.S. GAAP financial statements, the SEC’s Mary Jo White endorsed the plan during a speech in December. At the American Institute of Certified Public Accountants’ Conference on Current SEC and Public Company Accounting Oversight Board Developments, the agency chair said Schnurr’s idea could potentially be helpful as the next step in U.S. companies increasing their use of global accounting standards.
Also at the conference, White mentioned that staff members have developed a recommendation for the proposal and plan to discuss it with the SEC commissioners. Following White’s speech, Schnurr said the upcoming discussions would cover regulatory changes to help U.S. companies provide supplemental IFRS information. If companies are allowed to provide IFRS information as a voluntary supplement, such information may only be restricted to certain financial data.
Schnurr did not say when the proposal would be issued, but some SEC observers anticipate an early 2016 release.
Topics: American Institute of Certified Public Accountants "AICPA", International Financial Reporting Standards "IFRS", Public Company Accounting Oversight Board "PCAOB", U.S. Securities and Exchange Commission "SEC"