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SEC likely to delay IFRS decision

The SEC is likely to further delay its decision on IFRS implementation.

Despite preliminary indications that the Securities and Exchange Commission would hand down a decision regarding the U.S. adoption of International Financial Reporting Standards sooner than later, a report

Despite preliminary indications that the Securities and Exchange Commission would hand down a decision regarding the U.S. adoption of International Financial Reporting Standards sooner than later, a report from the Wall Street Journal suggests the agency will further delay its announcement until next year at the earliest.

The SEC has been putting off its decision on IFRS implementation for more than two years, much to the consternation of the international community. Several prominent figures, including current and former heads of the International Accounting Standards Board, have called on the SEC to adopt the standards. Without U.S. involvement, a number of other major economic powerhouses, including China, Japan and India, might not adopt the standards.

While the SEC is expected to issue a report on IFRS in the next few weeks, officials have indicated the report will not contain a decision on whether to switch to the standards, the Journal reported. The move is likely to irritate several members of the IASB and other international accounting agencies.

"I don't think we're going to hear from them until 2013," Joel Osnoss, global leader for IFRS at Deloitte Touche Tohmatsu Ltd., told the source.

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