Accountants are still hanging out for a firm date from SEC officials for GAAP-to-IFRS changeover
Delegates at an accounting forum at Baruch College in New York City appeared ‘too afraid to ask’ Securities & Exchange Commission (SEC) officials on the Financial Accounting Standards Board-sponsored panel for a firm date when US companies will be mandated to file financial results using international financial reporting standards (IFRS).
The ‘date certain’ was still elusive after most of the 35 other members of the panel noted they could better deal with the inevitable switch from GAAP to IFRS if they had a firm date. ‘The ball is very much in the court of the SEC,’ Robert Herz, FASB chairman, said.
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