IFAC Response to the US SEC Announcement

Feb 24, 2010 | New York | English

The International Federation of Accountants (IFAC) is encouraged that the US Securities and Exchange Commission (SEC) today confirmed its intent to support adoption of global accounting standards for US companies and reduce uncertainty about the future use of International Financial Reporting Standards (IFRSs). We are disappointed that it is not seeking an adoption date closer to the ambitions of the G-20--by June 2011--and urge the SEC to allow for early adoption of IFRSs for severely affected multinational companies.

It is vital that all governments adopt and implement common global standards, not only for accounting, but also for auditing and for auditor independence. These standards are crucial, as having consistent financial information around the world strengthens capital markets, enhances cross-border activity, and reduces risks and uncertainties in the capital markets. Continuing on the path of convergence is a helpful interim step, but a commitment to adoption is necessary for the world to truly have access to a single set of global standards.

Robert L. Bunting, President


Primary tabs

Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.