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SEC to make IFRS roadmap 'priority'

US regulator the Securities and Exchange Commission says the proposed roadmap to convergence between US Generally Accepted Accounting Principles and International Financial Reporting Standards will become a main focus in the next few months. Speaking to a New York State Society of CPAs conference in New York, the new chief accountant for the SEC, Jim Kroeker, said: 'Turning back to the roadmap will be an important priority for us this fall,' Reuters reports. A roadmap was released last November that aimed to have US companies filing financial results in line with IFRS by the year 2014, with some companies being given the option to file this way sooner. But the SEC has been criticised for its slow start to the changes, with Sir David Tweedie, chairman of the International Accounting Standards Board, criticising the regulator for not making a commitment to IFRS, and calling for it to do so by 2011. Kroeker, who had been acting as interim chief accountant until last month, said that the SEC has received more than 200 comment letters on convergence proposals, and it was 'resoundingly clear' that people were in favour of a single set of global accounting standards. He did however, urge those who have been working for alignment between the standards didn't end up in a 'race to the bottom'.
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