The SEC essentially punted today on the decision to adopt IFRS in the U.S.  Acknowledging that the SEC is in the same position they were in November 2008 (when the proposed roadmap was originally issued), Mary Schapiro said the SEC hopes to be in a position by 2011 to make this decision. One of the crucial pieces of information the SEC hopes to gather between now and then is whether the IASB and FASB actually have converged on a handful of significant accounting standards, including revenue recognition, lease accounting, and financial instruments. Other commissioners expressed ongoing concern about the independence of the IASB and steps being taken to ensure independence in the future.

I found an article by WEB CPA about this morning’s announcement, as well as a dig by Tom Selling on his post. Given the different levels of enthusiasm for IFRS that exist in practice (with big accounting firms being strongly supportive and almost everyone else wondering who besides the big accounting firms support this move toward IFRS), I thought it would be useful to post both of these articles. I guess we still have another year or so before the SEC will make any definitive decisions. And a lot of that will depend on how effective the IASB and FASB are in in their convergence efforts.