Insights on the SEC Meeting and Possible Implications to U.S. Public Companies
Janice Patrisso, Partner, National IFRS Leader; Karl Braun, Partner, IFRS Project Management Office; Paul Munter, Partner, IFRS National Professional Practice Leader | Feb. 26, 2010 | 12:00pm ET
IFRS Institute
The U.S. Securities and Exchange Commission (SEC) held an open meeting on February 24, 2010 to consider publishing a statement on its continued support for a single-set of global financial reporting standards and its ongoing consideration of incorporating International Financial Reporting Standards (IFRS) into the financial-reporting system for U.S. issuers.
Whether the SEC signals its support for incorporation of IFRS in the United States, and according to what timeframe, have been topics of speculation for some time and this meeting raises the possibility that better clarity on these important issues will be provided.
To explore the implications of any statements made by the SEC during this meeting, KPMG's IFRS Institute held an audio Webcast on February 26, 2010.
During the Webcast, KPMG partners discussed:
- The SEC decisions made during the meeting;
- The impact on milestones and work plan for the potential adoption of IFRS in the United States
- What steps U.S. issuers could consider in light of the SEC announcements.