The drive for global accounting rules is threatening to stall after the US Securities and Exchange Commission (SEC) continued to drag its feet about saying when or if US public companies should switch to international accounting standards.
The US markets regulator published a non-committal report in July that gave no clue as to when an already-delayed decision on possible IFRS incorporation would be taken.
The International Accounting Standards Board (IASB), which has been working with its counterpart, the US Financial Accounting Standards Board, to narrow differences between IFRS and US GAAP, expressed annoyance at the SEC’s dithering.
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.