SEC’s Schnurr Looking into IFRS

The new chief accountant of the Securities and Exchange Commission told attendees at a conference Thursday that he hopes to make a recommendation in the next few months on whether the SEC should move toward switching U.S. companies to IFRS, according to The Wall Street Journal.

Reporting from a securities regulation conference held by the Practising Law Institute, the Journal said that James Schnurr, who took up the chief accountant post last month, did not say whether he favored GAAP or the international standards, only that, “I would hope that within the next few months there would be movement on this.”

Schnurr’s participation on a panel at the conference was his first public appearance as chief accountant; he said that he was “in the process of getting up to speed,” according to the Journal, and that once he was, he would talk with SEC Chairman Mary Jo White about what the SEC should do about IFRS.

Schnurr added that the commission “could do nothing” in the end, the Journal reported.

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