Friday, September 19, 2008

Is the SEC Roadmap to IFRS lost in traffic?

Where is the formal SEC Roadmap to IFRS?

I check almost everyday for the detailed SEC Roadmap on IFRS. Remember that this was promised at the SEC open meeting a few weeks ago. It was indicated that there would be a 60 day comment period once the document is published in the Federal Register. The details do not appear to be on the site or in the Federal Register.

I think that the details and US commitment will make quite a difference to us in Canada as more and more US resources are devoted to IFRS conversion.

The SEC is quite preoccupied with the credit crisis and it would likely seem curious if the document is released for comment anytime soon. It might be perceived as "fiddling while Rome burns"? I wonder what the thinking is now? A delay until after the US Elections would not seriously affect the timetable since the SEC has made its views known.

Will the result of the election affect the implementation of IFRS. The buzz I have heard is that it will not. This is speculative in my view and comes from Accounting Firms. This credit crisis may derail the discussion. Let's hope that it does not shelve the implementation. In any case the FASB/IFRS convergence projects will continue even if formal conversion is delayed. What are other peoples' opinions?

You might want to read Chairman Cox's statement about the suspension of short selling.

Cox mentions John McCain by name in his statement. You may have heard that McCain has said that he would fire Cox. It's all academic since Cox has indicated and reaffirmed in his statement that he intends to leave at the end of the current administration. There is a wild card - will the new man or woman be such an advocate of IFRS? Clearly there are more burning issues now!

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