SEC RELEASES WORK PLAN ON IFRS TRANSITION

Washington, D.C. - The Securities and Exchange Commission staff released its work plan for how International Financial Reporting Standards might be incorporated into the U.S. financial reporting system. The plan was issued with the caveat that the SEC commissioners themselves have not yet made the decision on whether to incorporate IFRS into the U.S. financial reporting system, much less how. That decision is expected to be made later this year.

The document lays out a framework for how incorporation might work, and explains the approach taken in some other countries that have worked on adapting to IFRS, as well as alternatives.

It starts out, however, by explaining a framework that might be used: "The framework explored in this staff paper is predicated on several principles. First, U.S. GAAP would be retained, but the Financial Accounting Standards Board would incorporate IFRS into U.S. GAAP over a defined period of time, with a focus on minimizing transition costs, particularly for smaller issuers. FASB would incorporate newly issued or amended IFRS into U.S. GAAP pursuant to an established endorsement protocol."

 

COMMISSION MOVES TO SET UP WHISTLEBLOWER PROGRAM

Washington, D.C. - The Securities and Exchange Commission voted to adopt rules to establish a whistleblower program that rewards individuals who provide the agency with tips that lead to successful enforcement actions. The program, implemented under the Dodd-Frank Act, is intended to reward individuals who act early to expose violations and who provide significant evidence that helps the SEC bring successful cases. To be considered for an award, a whistleblower must provide original information that leads to the successful enforcement by the SEC of a federal court or administrative action in which the SEC obtains sanctions totaling more than $1 million. The rules will take effect 60 days after they are submitted to Congress or published in the Federal Register.

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