December 8, 2019

The SEC’s Four Year Plan Conspicuously Missing a Commitment to IFRS

The SEC is the worst long-distance boyfriend ever. For years it's been telling the IASB to just be patient and one day, they'll move in together, into an apartment with mostly the IASB's furniture except for the SEC's favorite ratty recliner and big screen TV. And everything will be wonderful!

But the SEC's latest Strategic Plan draft seems to have conveniently left out any mention of IFRS, except for this vague little bit buried in its first Strategic Goal that doesn't actually mention IFRS specifically:

Promote high quality accounting standards:

The SEC will continue to promote the establishment of high quality accounting standards by independent standard setters in order to meet the needs of investors. In overseeing the Financial Accounting Standards Board (FASB), the SEC will strengthen and support the FASB’s independence and maintain the focus of financial reporting on the needs of investors. Due to the increasingly global nature of the capital markets, the agency will work to promote higher quality financial reporting worldwide and will consider, among other things, whether a single set of high quality global accounting standards is achievable.

So, six years after announcing the path toward covergadoption, the SEC just isn't ready to make a real commitment, obviously, and will need some more time to think about this. Possibly like at least four more years time. And then maybe the SEC will be ready either way to really do this thing but then again, maybe not, I mean who knows?

So much can happen in four years and gee, it's just really complicated OK?! GET OFF THEIR BACKS.


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