SEC to Offer More Clarity on IFRS Road Map Adoption

I recently caught up with Oracle's residential IFRS expert, Seamus Moran, for a quick IFRS update.

Question: Are there any updates to the US road map for IFRS adoption?

Seamus: There has been one notable development recently. The SEC recently announced that Mary Schapiro, the head of the SEC, would provide clarity on the SEC's proposed road map for IFRS adoption by December 21, 2009.

Question: Does that mean the road map will be finalized by December 21, 2009?

Seamus: No one knows what Mary Schapiro will announce. All that was announced was that the SEC would provide more clarity to the road map. This could go either way - the SEC could either push forward with the IFRS adoption plan or delay the plans for IFRS adoption in the US. Remember that the proposed road map released for comment in November 2008 neither provided a certain date for IFRS adoption nor a guaranteed that the SEC would adopt IFRS.

Question: In general, do US public companies support the move to converge to IFRS?

Seamus: Deloitte recently conducted a survey among CFOs and other finance professionals. The results of the survey are that nearly 70% of those surveyed would support the SEC approval of its proposed roadmap for adopting IFRS. Almost 20 percent of more than 150 finance professionals Deloitte surveyed indicated that they want the roadmap approved "as is." Another 51 percent said they think the SEC should approve the proposed roadmap, but consider pushing back the mandatory deadline a year.

Question: Where can we find out more information about this?

Seamus: There's a great article on the Journal of Accountancy about this topic. Also, we at Oracle will continue to closely monitor this topic and as soon as the SEC makes any announcement, we will relay the information on this blog and Oracle's IFRS website.

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