When Mary Schapiro took the reins at the Securities and Exchange Commission from Christopher Cox early this year, many were not optimistic about the future of International Financial Reporting Standards in the U.S. Schapiro hasn't been as keen on moving to IFRS from U.S. Generally Acceptable Accounting Principles as Cox was, and she has said so more than once.
However, as recently as three months ago, SEC officials made clear that the transition to IFRS is indeed still on the agenda. At that time, SEC Chief Accountant James Kroeker told a gathering of the New York State Society of Certified Public Accountants that the economic crisis the U.S. is experiencing illustrates to regulators how important the move to global standards is.
Wednesday, Compliance Week reported that SEC Commissioner Elisse Walter addressed the issue while speaking to the American Institute of Certified Public Accountants recently. Walter told the CPAs:
I expect we will likely consider further action sometime in early 2010.
That said, though, Walter also noted that the SEC would have to ensure certain issues were resolved before that happens. She said:
We want to make sure that political pressure does not exist and IASB is strong enough and independent enough to handle that. We will not move forward until we are satisfied that structure exists.