SEC chair-designee Mary Schapiro says she might take IFRS implementation off the fast-track "road map" established by departing Chairman Christopher Cox.
During a confirmation hearing last Thursday before the Senate Banking, Housing, and Urban Affairs Committee, Schapiro said in response to a question, "I will take a big deep breath and look at this entire area again carefully and will not necessarily feel bound by the existing road map that’s out for comment."
According to media reports, she expressed three concerns about moving from U.S. GAAP to international accounting standards: the cost burden for U.S. companies to make the switch, lack of detail within IFRS opening the door to inconsistent application, and the independence of the International Accounting Standards Board.
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