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SEC Chief Accountant Backs Away from IFRS Proposal

Securities and Exchange Commission chief accountant James Schnurr is rethinking a proposal he made last December that the SEC allow U.S. companies the option of providing some information, such as revenues, using International Financial Reporting Standards as a supplement to U.S. GAAP without requiring reconciliation.
SEC Chief Accountant Backs Away from IFRS Proposal

James Schnurr

SEC Chief Accountant Backs Away from IFRS Proposal

Accounting Today
BY MICHEAL COHN

New York (MAY 7, 2015)

Securities and Exchange Commission chief accountant James Schnurr is rethinking a proposal he made last December that the SEC allow U.S. companies the option of providing some information, such as revenues, using International Financial Reporting Standards as a supplement to U.S. GAAP without requiring reconciliation.

Schnurr had made the proposal last December at an American Institute of CPAs’ Conference on Current SEC and PCAOB Developments in Washington, D.C. (see SEC Considers Supplemental Use of IFRS by U.S. Companies). However, at a Financial Reporting Conference in New York on Thursday at Baruch College’s Robert Zicklin Center for Corporate Integrity, Schnurr said he had reconsidered the proposal.

James Schnurr has heard reactions from a number of different constituents: preparers, investors, auditors, regulators and standard-setters,” he said. “In many cases, this was the first time these constituents had discussed their views on IFRS with the staff since the completion of the work plan in 2012. I can tell you that I found the exercise helpful, particularly since I was not at the Commission during the staff’s previous work on this issue. From my vantage point, I found the discussions helpful, and I can confirm that many of the observations I noted in December about U.S. constituents’ views on IFRS appear to continue to exist today.”

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