Professor Elam

Monday July 16 2012

The IASB which oversees the IFRS regrets the lack of interest by the SEC.

That would be the International Accounting Standards Board that oversse the International Financial Reporting Standards wonders why the Securities and Exchange Commission is still dragging its feet over adopting IFRS. 

I suspect the reason is that US firms and the SEC are not anxxious to face down the effect of abandoning LIFO. This would mean a huge tax hit along with all the taxes that will kick in 2013 anyway. No doubt corporations would call for a one time tax out on such an 'extraordinary event. And the Administration is not interested in bringing that up before the election. 

And so IFRS exists in our accounting text but not at the SEC>