International accounting rules decision delayed

A long-awaited decision on whether U.S. companies will switch to international accounting rules was pushed back Monday, as a top regulator said more time is needed, the Wall Street Journal reported. The Securities and Exchange Commission’s (SEC) staff will need “a few additional months” to complete work on its recommendation to the commission about whether U.S. companies should adopt the international rules, SEC Chief Accountant James Kroeker said. The SEC’s staff had been expected to make its recommendation by the end of 2011. Most countries already use the global rules, known as International Financial Reporting Standards, but the United States still uses its own set of rules, known as generally accepted accounting principles.  Click here to read related Business Record article.

 

A long-awaited decision on whether U.S. companies will switch to international accounting rules was pushed back Monday, as a top regulator said more time is needed, the Wall Street Journal reported. The Securities and Exchange Commission’s (SEC) staff will need “a few additional months” to complete work on its recommendation to the commission about whether U.S. companies should adopt the international rules, SEC Chief Accountant James Kroeker said. The SEC’s staff had been expected to make its recommendation by the end of 2011. Most countries already use the global rules, known as International Financial Reporting Standards, but the United States still uses its own set of rules, known as generally accepted accounting principles.  Click here to read related Business Record article.