IFRS Foundation Issues Analysis of SEC Staff Report on IFRS

IFRS Foundation Issues Analysis of SEC Staff Report on IFRS

Blog Keeping Current: Disclosure and Governance Developments

On October 22, 2012, the Trustees of the IFRS Foundation, the governing body of the International Accounting Standards Board, issued a Staff Analysis addressing the Final Staff Report issued in July 2012 by the SEC’s Office of Chief Accountant regarding the SEC staff’s Work Plan to study incorporation of International Financial Reporting Standards into the US financial reporting system. The IFRS Foundation’s analysis responds to various concerns raised in the SEC staff report, including the role of the IASB as global accounting standard-setter, issues related to IFRS as global accounting standards, means of transitioning to IFRS, and other challenges in the transition to IFRS.

Notably, the IFRS Foundation’s analysis questions the viability of incorporating IFRS into US GAAP on a standard-by-standard basis (the so-called “condorsement” method). The analysis concludes: “While the size of the US economy relative to other jurisdictions presents significant challenges that are unique to the US, the experience of other countries suggests that many of the challenges can be overcome with the appropriate political will to make a commitment to the mission of a single set of global standards.”

More from this series


Unless you are an existing client, before communicating with WilmerHale by e-mail (or otherwise), please read the Disclaimer referenced by this link.(The Disclaimer is also accessible from the opening of this website). As noted therein, until you have received from us a written statement that we represent you in a particular manner (an "engagement letter") you should not send to us any confidential information about any such matter. After we have undertaken representation of you concerning a matter, you will be our client, and we may thereafter exchange confidential information freely.

Thank you for your interest in WilmerHale.