US GAAP and IFRS convergence has stalled, says SEC commissioner

There is little chance of creating a single global accounting standard to meet the needs of shareholders and companies as convergence of US GAAP and International Financial Reporting Standards (IFRS) looks less likely as big data grows in importance and shareholders increasingly look for more comparable company data, says Kara M Stein, SEC commissioner

Speaking at the Brooklyn Law School International Business Law breakfast roundtable yesterday, Kara M Stein, commissioner at the US Securities and Exchange Commission (SEC), stressed the importance of international collaboration on accounting and disclosure, but said it was unlikely that the US and global accounting standard setters will come to agreement over a single global standard.

Recent attempts to create a converged leasing standard have not been resolved, while the new IFRS 15, Revenue from Contracts with Customers, has also resulted in different rules for global and US company preparers.

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