SEC to assess IFRS performance during credit crunch

Roundtable to explore how IFRS is coping during subprime crisis compared to US GAAP

The US Securities and Exchange Commission is to explore the performance of international accounting standards during the credit crunch as it continues its moves towards adoption of the standards.

The financial watchdog will host a roundtable next Monday (4 August) that aims to analyse how IFRS performed in relation to US GAAP during the subprime crisis.

'This roundtable will provide the Commission with valuable insights from investors, issuers, auditors, and others about the way that both IFRS and US GAAP performed in the context of the current pressures on the marketplace,' said SEC Chairman Christopher Cox. 'We are particularly interested in how the two sets of standards dealt with the key accounting issues in the subprime crisis, including off-balance sheet entities and fair value.'

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