Decision on Accounting Convergence May Take Longer (WSJ)

SEC vote on shifting to global standards may not occur until next year.

The staff of the Securities and Exchange Commission will deliver its report on whether the United States should adopt global accounting standards in coming weeks. But an article in the Wall Street Journal notes that there is no timetable for considering the matter and argues that the commission’s decision could be delayed until sometime next year.

While international accounting regulators are growing impatient, the Journal notes that the SEC may not want to issue a potentially controversial decision in the issue ahead of the November elections. This month's departure of SEC chief accountant James Kroeker may also delay matters.

 

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For earlier reports on the timing of a decision on convergence, see Shapiro: IFRS Call in 'Few Months' and SEC Report Describes Incremental Path to Convergence.

 

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