Remember the SEC's IFRS roadmap that started back in 2006 and said we would see adoption in the 2013-2014 time frame?
Then we got “condorsement” in mid-2011, which put the SEC position somewhere in the middle of endorsement and convergence. (See the Journal of Accountancy article, SEC Staff Presents “Condorsement.”)
Now we get the long-awaited, sitting-on-the-edge-of-our-seats SEC report on their plans for IFRS.
Are you ready?
Ok, first I suggest you listen to Sarah Mclachlan sing her hit, Building A Mystery.
Then get in your comfy reading place and read the 137-page report from the SEC: Work Plan for the Consideration of Incorporating IFRS into the FInancial Reporting System for U.S. Issuers . The report fails to give any specifics or dates as to the timing of IFRS adoption.
Instead, it offers analysis of the same major issues that have been plaguing it from the beginning. Things like governance, funding, progress of development, and more. The same obstacles that have been around for years. I guess good things take time to happen, and that could be a good thing.
The Journal of Accountancy reported that SEC spokesperson John Nester said early this week that the staff will make a recommendation on IFRS, but there is no timetable for that project.
Meanwhile, IFRS is still on the U.S. CPA exam and is being used at many U.S. companies with foreign parents, investors, or subsidiaries.
And you thought you could finally have some closure to the long and winding roadmap?
As Sarah says, “We're (still) building a mystery …”
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