NASBA recommends SEC withdraw its Roadmap

The National Association of State Boards of Accountancy (NASBA) has issued a letter recommending that the US Securities and Exchange Commission (SEC) withdraw its Roadmap For The Potential Use Of Financial Statements Prepared In Accordance With International Financial Reporting Standards By US Issuers. To eliminate uncertainty for US issuers, investors, creditors and other members of the public, NASBA also recommends that the SEC’s withdrawal take place as early as possible. Nonetheless, NASBA urges the SEC to continue its support of the joint efforts of the IASB and the FASB to converge standards, to the extent possible, as they work to their target completion date of 2011. NASBA’s mission is to enhance the effectiveness of the 55 State Boards of Accountancy in the United States. (Read the NASBA letter.)