Endorsement, Condorsement, Tomato, or Toma-toe

According to an article on CFO.com (http://www3.cfo.com/article/2012/2/gaap-ifrs_sec-ifrs-plan-endorsement), at a recent IFRS Advisory Council meeting, James Kroeker, SEC Chief Accountant, let it be known that, contrary to the views of some global accounting industry observers, the SEC has drafted a revised plan promoting the adoption of IFRS for U.S. public company reporting .

At the Council meeting, Mr Kroeker indicated that the FASB’s role in the revised process would be as an “endorser” of standards issued by the IASB.  Describing the FASB’s role as an endorser differs from a May 2011 SEC staff proposal in which the FASB would be granted two roles: (1) to continue its convergence activities with the IASB and (2) to evaluate new standards issued by the IASB and consider those standards for adoption in the U.S., i.e. endorsing those new standards. The staff proposal was described as a “condorsement” IFRS adoption model.

According to Mr. Kroeker, the Commission might vote on the revised plan sometime in 2012.

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About docjonz

I am an Associate Professor of accounting at Hofstra University in Hempstead, NY. Additionally, I have more than 30 years of professional accounting experience in various capacities including auditing, accounting standard setting and corporate accounting policy.
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