IFRS Roadmap Comment Period Extended

Submitted by Melissa Hoffmann on Wed, 02/04/2009 - 10:56

The SEC has extended the comment period on its proposed IFRS Roadmap through April 20.

Does this mean the new administration is slowing down plans to converge U.S. GAAP with IFRS? A speaker from the SEC recently warned CPAs at a FAE conference that the election of a new U.S. president -- as well as new leadership at the SEC -- was likely to substantially slow down plans to converge financial reporting standards to an international model.

And now that the SEC has delayed the release of the IFRS Roadmap, it seems that may already be happening. The proposal originally came with a comment deadline of Feb. 19.

In late January, Allison Patti, a CPA with the Securities and Exchange Commission’s (SEC) Office of the Chief Accountant, urged CPAs at the FAE’s SEC/FASB/PCAOB Conference to take the time to comment on the more than 70 questions included with the proposal.

“Have your voices be heard,” she said. “This is a momentous change they’re suggesting, and this is the time to speak up.”

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