Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), welcomed last week’s actions by authorities in the Mexico, Canada and United States regarding their adoption of International Financial Reporting Standards (IFRSs).
Mexico – On 11 November, the Mexican Comisión Nacional Bancaria y de Valores (CNBV), together with the Mexican Accounting Standards Board (CINIF), announced that Mexico would adopt IFRSs for all listed entities from 2012. Early adoption for some entities would be permitted from 2008 subject to requirements that will be established by the CNBV.
Canada – Also on 11 November, the Canadian Accounting Standards Oversight Council (AcSOC) reconfirmed its support for plans to require Canada’s publicly accountable enterprises to follow IFRSs as issued by the IASB by 2011.
United States – On 14 November, the United States Securities and Exchange Commission (US SEC) published for public comment a proposal, titled Roadmap for the Potential Use of Financial Statements prepared in accordance with International Financial Reporting Standards by US issuers. The publication of the roadmap followed a unanimous vote taken by the five SEC Commissioners in August. The proposed roadmap sets out milestones that, if achieved, could lead to the adoption of IFRSs in the United States in 2014. The roadmap also proposes to permit the early adoption of IFRSs from 2010 for some US entities.
Commenting on the announcements, Sir David Tweedie, chairman of the IASB, said: “The recent summit of G20 leaders reaffirmed the need for global accounting standards. This is a goal that the IASB strongly supports. The actions taken last week in the Mexico, Canada and the United States are important steps towards achieving that objective.”
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