SEC to refocus on IFRS roadmap

The SEC plans to move the IFRS roadmap up on the priority list in the coming months, according to Jim Kroeker, the SEC's new chief accountant.

“Turning back to the roadmap will be an important priority for us this fall,” Kroeker said at a conference for the New York State Society of CPAs.

Last November, in one of the last major projects of the SEC under former Chairman Christopher Cox, the SEC staff released a proposed roadmap that would have U.S. companies filing financial results under International Financial Reporting Standards, or IFRS, by 2014, with the option for some companies to adopt the rules earlier.

Kroeker said that in the 200+ comment letters the SEC received on the proposed roadmap, it was “resoundingly clear” that people agree there should be a single set of global high-quality accounting standards. There were, however, striking differences in how groups wanted to accomplish that goal.

Kroeker said the next step will be to put in place the milestones to reach that goal.

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