The timeline for adoption of International Financial Reporting Standards in the United States faces several hurdles, including the long-delayed appointment of several SEC commissioners.
That hurdle may be overcome soon, now that the Senate Finance Committee has finally held hearings on the three nominees who have been appointed to replace the missing members of the five-person commission. Those hearings took place only last week, but it's unlikely the SEC will set a definite date for the roadmap to IFRS from generally accepted accounting principles until those members are in place.
That's what John White, director of the SEC's corporate finance division, told a Financial Executives International conference in New York last week. And if it takes until the next election, then we may see the roadmap stretching out even further. The Bush administration has already told agencies that any new rules should be proposed by June 1 and the final rules issued by Nov. 1 (see XBRL, IFRS Plans May Be Delayed by the White House). So far, the SEC has only gotten as far as allowing foreign companies to submit their financial filings in accordance with IFRS without having to reconcile them with GAAP. Another meeting on the roadmap is set for next week with investor groups and corporate representatives.
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