|
 |
 |
 |
 |
|
 |
 |
 |
 |
 |
 |
 |
 |
||||
 |
 |
 |
 |
 |
 |
||||||
|
|
|
Recent Articles SEC Release No. 33-9109: Clear Sign for Continued Support of Single Set of Global Accounting Standards – IFRS Cited as Best Framework
|
SEC Release No. 33-9109: Clear Sign for Continued Support of Single Set of Global Accounting Standards – IFRS Cited as Best Framework On Wednesday, February 24, the Securities and Exchange Commission (SEC) held an open meeting to continue discussions about the role of International Financial Reporting Standards (IFRS) in our domestic financial reporting system. The SEC also unanimously agreed to publish a statement of continued support for a single set of high-quality global accounting standards. In addition, the SEC confirmed its view that IFRS is best suited to be that global standard. The statement of support describes the issues that need to be further analyzed and lays out the events that must occur between now and 2011, when the SEC expects to make a determination on whether or not to further incorporate IFRS into the U.S. public markets. The SEC reaffirmed its commitment to addressing the feedback from over 200 comment letters received on the proposed roadmap, and also to basing any move to IFRS on the best interests of US investors and markets. Chairman Shapiro noted that ongoing convergence projects must be successfully completed before conversion to IFRS takes place. The SEC staff has developed a work plan to assist the commission in its analysis of the impact that IFRS might have on the US securities market. As noted in the release, “t he work plan sets forth specific areas and factors for the staff to consider before potentially transitioning our current financial reporting system for U.S. issuers to a system incorporating IFRS. Specifically, the work Plan addresses areas of concern that highlighted by commenters, including:
The SEC staff expects to provide public progress reports on the work plan beginning in October 2010. Also, the Commission stated that any transition to IFRS reporting would begin no earlier than 2015. Bill Godshall, Frazier & Deeter, LLC Audit Partner-in-Charge, stated, "This is the clearest sign yet under Chairman Shapiro's leadership that the SEC is still committed to a single set of quality global financial reporting standards and that IRFS is best positioned at this time to be the framework.” To contact Bill click here. Sean Lager, Frazier & Deeter's leading expert in IFRS and nationally recognized for his involvement with IFRS noted, “Frazier & Deeter has been actively involved with IFRS for several years and continues to support the goal of a single framework of high-quality global accounting and financial reporting standards. We are really glad to see the SEC continue to support the movement towards this single set of global accounting and financial reporting standards." To contact Sean click here. SEC Release No. 33-9109, page 14 For complete draft of SEC Release No. 33-9109 click here.
Revenue Recognition Update - A Recap of What Happened in 2009 During 2009, there were some significant developments regarding revenue recognition accounting standards. Those most relevant to high tech companies include:
The above standards were both ratified in September 2009 and will have a substantial impact on revenue recognition upon adoption. CLICK HERE TO VIEW A PDF OF THIS ENTIRE WHITE PAPER.
|
|
|
|
||||||||||
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |