A paper released by the Staff of the U.S. Securities and Exchange Commission (SEC) outlines one possible approach for the adoption of IFRS in the United States. The Staff Paper explores the so-called "condorsement" approach suggested by Paul A. Beswick (Deputy Chief Accountant) at a AICPA National Conference in Washington, D.C. in December 2010. The Staff Paper discusses the approaches to IFRS adoption used by various jurisdictions, noting the differences between 'convergence' and 'endorsement'. The paper concludes the "condorsement" approach is in essence an endorsement approach that would share characteristics of IFRS incorporation approaches with other jurisdictions. However, during a transitional period, aspects of the convergence approach would be used to address existing differences between IFRS and U.S. GAAP, including the retention of a U.S. standard setter (FASB), which would facilitate the transition process by incorporating IFRSs into U.S. GAAP over a defined period of time (e.g. five to seven years). |
Saturday 28 May 2011
SEC staff paper explores the 'condorsement' approach for IFRS adoption in the US
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At the end of [the transitional] period, the objective would be that a U.S. issuer compliant with U.S. GAAP should also be able to represent that it is compliant with IFRS as issued by the IASB. Incorporation of IFRS through the framework would have the objective of achieving the goal of having a single set of high-quality, globally accepted accounting standards, while doing so in a practical manner that could minimize both the cost and effort needed to incorporate IFRS into the financial reporting system for U.S. issuers. It also would align the United States with other jurisdictions by retaining the national standard setter's authority to establish accounting standards in the United States.
ReplyDeleteApós ler esta notícia, pude averiguar que os Estados Unidos está também preocupado com a convergência para a adoção do IFRS.
ReplyDelete