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SEC Behind on IFRS Implementation Plan

The SEC has yet to provide clarity on whether the U.S. will adopt IFRS.

The Securities and Exchange Commission's chief accountant announced on Tuesday that it would be at least 2012 before the agency determined if and how U.S. adoption of the International Financial Reporting Standards would proceed, Compliance Week reports.

In addition, accounting chief James Kroeker said that the initial target deadline for almost 12 standard-setting projects - set by the Financial Accounting Standards Board and the International Accounting Standards Board - would not be met.

"The boards are not aligned as it relates to their approaches to consider hedge accounting in the context of their financial instruments project," Kroeker said, as quoted by the source. "Numerous conceptual operational and practical questions raised about the proposal to date that I believe should be considered by both boards jointly."

According to IASB chairman Hans Hoogervorst, even if the SEC doesn't rule in favor of adopting IFRS, corporations need the U.S. government to offer some clarity, Accounting Today reports.

In a November address to the IRFS Foundation conference in Australia, he notes that there are major challenges with any new set of accounting rules, and adopting IRFS would be no different.