Financial Services Industry Responses to the SEC’s Proposed IFRS Roadmap
Comment letter update
While the financial services industry is experiencing challenging times against the backdrop of the current economic downturn, future challenges remain on the horizon, including the global movement toward International Financial Reporting Standards (IFRS). Recently, the comment letter period in response to the Securities and Exchange Commission’s (SEC) proposed IFRS roadmap came to a close. Letters submitted by entities in the financial services industry highlighted a range of issues including:
- The timing of mandatory adoption in the U.S.
- The debate around convergence between U.S. Generally Accepted Accounting Principles (GAAP) and IFRS
- The proposal for early use of IFRS
In this new publication, “Financial Services Industry Responses to the SEC’s Proposed IFRS Roadmap,” Deloitte & Touche LLP provides a summary of public comments from the financial services industry, responding to questions posed by the SEC. These comments pertain to:
- The scope of the SEC’s IFRS roadmap
- The SEC’s IFRS roadmap timeline and early adoption
- Convergence between U.S. GAAP and IFRS
- International Accounting Standards Board (IASB) standard setting
- Industry accounting
- Conversion costs and more
Learn more. Download the PDF below.