SEC Considering Whether to Adopt Global Standards

The Journal of Accountancy is reporting that the SEC’s strategic plan for 2014-2018 contains an initiative that involves reviewing whether a “single set of high-quality global accounting standards is achievable”.  While not specifically mentioning the International Financial Reporting Standards (IFRS) the location in the 39-page document where the initiative appears also states that the consideration is part of a move to improve financial reporting practices worldwide.  Although the SEC has studied the issue of allowing or mandating the IFRS for US public companies for years, administrators say rule-making duties related to federal legislation have prevented it from moving forward on a decision.