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However, SEC staff issued a non-committal paper on the subject on Friday that gave no clue as to when an already-delayed decision on possible IFRS incorporation would be taken by the US markets regulator.
The FASB, which sets US GAAP, had been working with the IASB for a decade to narrow the differences between the two systems in order to facilitate such a move. However, they have not been able to reach a common position on some key issues. The SEC, meanwhile, was supposed to make a decision in IFRS incorporation in 2011.
Its failure to meet that deadline has prompted speculation that it will not make a decision until 2013 at the earliest, reflecting the difficulty of making such a politically sensitive move in an election year, amid fragile economic conditions.
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