SEC Chief Accountant Indicates Staff Will Recommend Supplemental U.S. Use of IFRS

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May 7 — The chief accountant of the Securities and Exchange Commission indicated he would recommend to the commission that international financial reporting standards could be used by U.S. public companies to supplement their filings required under U.S. generally accepted accounting principles.

SEC Chief Accountant James Schnurr provided a rationale May 7 for the utility of such supplemental IFRS information that would be provided voluntarily by companies.

He also said the SEC staff wouldn't favor a required, full adoption of IFRS by U.S. registrants. He also seemed to negate any chances for a true option of filing under IFRS instead of U.S. GAAP.