SEC
- Video: SEC's Schapiro Speaks on IFRS
- March 2, 2010 – Hear SEC Chairman Mary Schapiro’s February 24 remarks on the SEC’s IFRS proposal. (Journal of Accountancy)
- No IFRS Requirement Until 2015 or Later Under New SEC Timeline
- February 24, 2010 – The SEC unanimously approved on Wednesday a new timeline that envisions 2015 as the earliest possible date for the required use of IFRS by U.S. public companies. The SEC action calls for more study of IFRS and a 2011 vote on whether to move ahead with an IFRS mandate. (Journal of Accountancy)
- SEC Approves Statement on Global Accounting Standards
- February 24, 2010 – The Securities and Exchange Commission today voted to issue a statement that lays out its position regarding global accounting standards and makes clear that the Commission continues to believe that a single set of high-quality globally accepted accounting standards would benefit U.S investors. (SEC.gov)
- Chief Accountant Answers Questions Regarding Roadmap and Convergence
- February 18, 2009 – James L. Kroeker, Chief Accountant of the SEC, addresses work on the IFRS roadmap, accounting convergence and other matters in an interview with WebCPA. Regarding the SEC's proposed roadmap, he said "staff has been working on developing a work plan". He indicated that he is "hopeful" there will be public follow up "in early 2010".)
- SEC Action on IFRS Could Come Early in 2010
- December 9, 2009 – SEC Commissioner Elisse B. Walter on Wednesday said she expects the commission to "consider further action" on IFRS adoption early next year. (Journal of Accountancy)
- SEC Chief Accountant Remains Mum on Specifics of Possible IFRS Adoption
- December 7, 2009 – Those waiting for clarity from the SEC regarding its road map for adopting International Financial Reporting Standards in the U.S. are still waiting following a speech by the agency's chief accountant Monday. (Journal of Accountancy)
- SEC Chief Accountant Promises "Clarity" on IFRS Road Map This Fall
- October 30, 2009 - SEC Chief Accountant James Kroeker on Friday reconfirmed the SEC's commitment to provide clarity this fall on its proposed road map for the adoption of IFRS by U.S. public companies. The article includes a link to video highlights of Kroeker's speech. (Journal of Accountancy)
- SEC Crafts Strategic Goals for 2010-2015
- October 9, 2009 - The SEC on Thursday released its draft Strategic Plan for Fiscal Years 2010–2015, which includes, among other goals, a continued commitment "to promote the establishment of high-quality accounting standards by independent standard setters" and support for "a single set of high-quality global accounting standards." (Journal of Accountancy)
- SEC Chairwoman Shapiro Supports International Standards
- According to AccountancyAge, Mary Schapiro expressed her "commitment" to global accounting standards in a speech delivered to the International Organization of Securities Commissions in Basel, Switzerland.
- IFRS on Schapiro's Agenda
- September 18, 2009 - Dow Jones reports that SEC Chairwoman Mary Schapiro said, "It would be ideal if we can have a single set of high-quality accounting standards that worked globally." Speaking to an audience at Georgetown University, she also said, "I expect we will speak a little later this fall about what our expectations are with respect to IFRS." (NASDAQ.com)
- Back to the Roadmap
- September 17, 2009 – "Turning Back to the roadmap will be an important priority this fall", James Kroeker, SEC chief accountant, said in a conference sponsored by the New York State Society of CPAs. Comments received by the SEC on its roadmap reveal agreement that a single set of high quality global accounting standards is an important goal, although there is disagreement on how to get there. Reuters reports on Mr. Kroeker's speech.
- Global Solutions Are Important
- September 14, 2009 - Speaking at an AICPA bank industry conference, SEC Chief Accountant James Kroeker said the financial crisis has "highlighted for us the importance of global solutions". Regarding action on the IFRS roadmap proposal, he said, "It will certainly be a staff priority". Associated Press provides coverage of the conference.
- Kroeker Named Chief Accountant at SEC
- August 25, 2009 - SEC Chairwoman Mary Schapiro announced the appointment of James L. Kroeker as the Chief Accountant in the SEC's Office of Chief Accountant. Mr. Kroeker has served as Acting Chief Accountant since January 2009. CFO.com reports on the appointment. The SEC's press release can be viewed at the SEC's website.
- SEC Focused on Other Matters
- A year after the Committee on Improvements to Financial Reporting issued their report, the SEC has not addressed some of the more important recommendations from the advisory group, according to an article at CFO.com.
- SEC Looking at Two Finalists for SEC Chief Accountant
- July 30, 2009 – Bloomberg reports that SEC Chairwoman Mary Schapiro has two finalists in mind for chief accountant. James Kroeker has been acting chief since January. Jack Ciesielski, a Baltimore money manager, is the other finalist.
- Public Comments on IFRS Roadmap
- Public comments received by the SEC on its Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers can be viewed at the SEC's website.
- SEC Spotlight on Global Accounting Standards
- The SEC's webpage, Spotlight on Global Accounting Standards, includes links to the IFRS Roadmap for U.S. Issuers and other Commission actions relating to IFRS. Also, included are transcripts from past round tables, SEC press releases, speeches and public statements. Visit the SEC's website to learn more.
- February 10, 2009
- XBRL Rule Issued
- The Securities and Exchange Commission issued its final rule requiring public companies to file their financial statements in interactive data format using the eXtensible Business Reporting Language (XBRL). The new rules will require the largest companies to use interactive data beginning with their quarterly June 2009 filings. The rules will be phased in over a three-year period. CFO.com writes about the new rule and says that some observers believe that XBRL will help move companies towards IFRS. View Final Rule
- February 4, 2009
- SEC Extends Comment Period on Proposed IFRS Roadmap
- CFO.com reports that the SEC has extended the comment period for the IFRS Roadmap by an additional 60 days. The new comment period ends April 20, 2009.
- January 15, 2009
- Mary Schapiro plans to back off on proposed IFRS roadmap
- CFO.com reports that President-elect Barack Obama’s choice to chair the Securities and Exchange Commission says she has concerns about the proposed roadmap for the potential use of IFRS including the timeline, the independence of the International Accounting Standards Board, the quality of the rules and the cost of conversion. In Senate confirmation hearings, she said her immediate focus would be on regulatory gaps that contributed to the credit crisis.
- December, 2008
- SEC Study Says Improve, Do Not Suspend, Fair Value Accounting
- The SEC released its congressionally mandated study on mark-to-market accounting. The report notes that investors generally believe fair value accounting increases transparency. The report also observes that fair value accounting did not appear to play a meaningful role in bank failures that occurred in 2008.
- December, 2008
- U.S. SEC Releases Final Rule Mandating Companies
to Report Financial Statements Using XBRL, Interactive Data Format - The U.S. Securities and Exchange Commission approved final rules, which require companies to submit Financial Statements in XBRL format with their SEC filings. The new rules will require the largest companies to use interactive data beginning with their quarterly June 2009 filings. The rules will be phased in over a three-year period.
- November 24, 2008
- IOSCO launches three task forces to support G20 aims.
- November 24, 2008 - The International Organization of Securities Commissions Technical Committee met to craft a detailed work program to address continuing market turmoil. The three tasks forces formed during the meeting will address short selling, unregulated financial markets and products and unregulated financial entities.
- November 16, 2008
- SEC Road Map for Transition to IFRS Available
- November 16, 2008 - The SEC released its road map for the transition by U.S. public companies to the use of International Financial Reporting Standards (IFRS). The Journal of Accountancy summarized important details of the road map including milestones that, if met, could lead to required use of IFRS for U.S. Issuers by 2014.
- November 14, 2008
- SEC Publishes IFRS Roadmap
- November 14, 2008 – The Securities and Exchange Commission released its proposed roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards by U.S. issuers. The roadmap sets several milestones that, if achieved, could lead to the required use of IFRS by U.S. Issuers in 2014. Comments should be received on or before 90 days following publication in the Federal Register.
- September 30, 2008
- SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value
- September 30, 2008 - Office of Chief Accountant recognizes and supports efforts of FASB and the IASB on issues of fair value. While FASB is preparing to propose additional interpretative guidance on fair value measurements under U.S. GAAP, SEC and FASB staffs provide immediate clarification to a number of questions.
- August 27, 2008
- SEC Unanimously Approves Exposing Proposed IFRS Roadmap for Public Comment
- In what all of its members agreed was a significant decision, the Securities and Exchange Commission today unanimously agreed to a series of steps that could lead to the required use of IFRS by U.S. issuers by 2014.
- August 26, 2008
- SEC expected to unveil roadmap for IFRS adoption
- SEC commissioners will meet at Wednesday, Aug. 26, 2008 at 10 a.m. to discuss a proposed timeline and other elements of a roadmap for requiring U.S. publicly held companies to transition from U.S. GAAP to international financial reporting standards.
- August 4, 2008
- SEC Chairman Cox Says Subprime Market Crisis a "Stress Test" for GAAP, IFRS
- Securities and Exchange Commission Chairman Christopher Cox kicked off a discussion on financial reporting Monday Aug. 4, 2008 saying the subprime mortgage crisis provided "a critical stress test" for U.S. generally accepted accounting principles and International Financial Reporting Standards.
- August 4, 2008
- View Archived Webcast of August 2008 SEC Roundtable on IFRS
- On August 4, 2008, the Securities and Exchange Commission held a roundtable discussion on International Financial Reporting Standards (IFRS) developments, including the experience with use of IFRS during the recent period of market turmoil.
- July 31, 2008
- SEC To Hold Hearing on IFRS, GAAP Role in U.S. Stock Market Declines
- The Securities and Exchange Commission plans a hearing Aug. 4 to analyze the performance of International Financial Reporting Standards versus U.S. generally accepted accounting principles during the U.S. credit crunch and subprime mortgage meltdown.
- SEC IFRS "Roadmap"
- SEC Roundtable on Practical Issues Surrounding the Use of IFRS in the U.S. in Recent Years, and Its Potential Expanded Use in Future Years.
- SEC Office of International Affairs
- The Office of International Affairs (OIA) promotes investor protection and cross-border securities transactions by advancing international regulatory and enforcement cooperation, promoting the adoption of high regulatory standards worldwide, and formulating technical assistance programs to strengthen the regulatory infrastructure in global securities markets.
