IFRS newsletter - English - January 2009
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IFRS newsletter - English - January 2009
The new Chair of the SEC, the US market regulator, is not in favour of IFRS / US GAAP convergence. Interviewed by the US Senate on her first day, the new Chair’s statement must have stunned the members of the IASB.
clearly stated that she was not willing to delegate accounting standardisation to the IASB. In the US, accounting standards are the responsibility of the SEC, with delegation to the FASB. Does she want to strengthen her powers over the convergence process or does this statement suggest an abrupt halt to the development of a global set of accounting standards? Time will tell…
