When the Senate first confirmed Mary Schapiro's appointment as Securities and Exchange Commission chair, there were a few indications she isn't all that thrilled about transitioning U.S. public companies to International Financial Reporting Standards accounting.
Not the least of the indications, according to CFO.com, was testimony in her confirmation hearings indicating she would "slow down some of her predecessor's pet projects, such as following a timeline for transitioning all U.S. publicly traded companies to global accounting rules by 2016." Schapiro told senators then that she would "not be bound by the existing roadmap," and that she is concerned that the body responsible for developing the standards is not sufficiently independent or able to "deflect political pressure."
As such, it comes as no surprise that the SEC this week extended the public comment period for the proposed international standards.The public now has until April 20, 2009, to voice its concerns on the plan. Those who have commented so far have expressed concern not only with the pace of the roadmap, but with the estimated cost of implementation. The $32 million price tag for early adopters is a considerable burden for those trying to wade through the current financial crisis.