SEC Chief Accountant Pushes for IFRS Use
Fresh off his formal succession to Securities and Exchange Commission (“SEC”) Chief Accountant, Wesley Bricker wants the market regulator to resume consideration of International Financial Reporting Standards (“IFRS”). At a December 5 conference in Washington, D.C., Bricker said he believes the SEC should consider a proposal that would allow U.S. companies to supplement GAAP financial statements with IFRS information. James Schnurr, Bricker’s predecessor, had originally introduced the proposal prior to leaving the SEC.
No immediate changes are expected due to the SEC’s slow regulatory process and the limited progress made in the U.S. market’s application of international standards. In addition, the SEC is currently dealing with an influx of leadership changes, with Chair Mary Jo White stepping down in January.
In terms of priorities, Bricker does not anticipate the SEC taking immediate action on the IFRS proposal. For now, he wants the Financial Accounting Standards Board and International Accounting Standards Board to continue removing differences between their sets of standards.
Topics: Financial Accounting Standards Board "FASB", Financial Statements, GAAP, International Accounting Standards Board "IASB", International Financial Reporting Standards "IFRS", Securities and Exchange Commission "SEC"