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Separately, the SEC is still discussing the possibility of allowing domestic issuers to voluntarily submit IFRS financial information, without reconciliation, in addition to their US GAAP financial statements.
The European Commission has said it will “reboot” its Capital Markets Union (CMU) plan, aiming to strengthen Europe's financial system as Brexit looms.
We need to ensure that the CMU project remains relevant and fit for purpose,” said Simon Lewis, chief executive of the Association for Financial Markets in Europe.
Well functioning financial systems are central to generating foreign direct investment (FDI) which in turn accelerates economic growth.
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The remaining major capital markets without an IFRS mandate are (i) the US, with no current plans to change; (ii) Japan, where voluntary adoption is permitted but not required; and (iii) China, which intends to fully converge at some undefined future date.
At the AICPA National Conference on Current SEC and PCAOB Developments in December 2016, the Chief Accountant of the SEC’s Office of the Chief Accountant, Wes Bricker, indicated that although he does not foresee the use of IFRS for domestic registrants in the foreseeable future, he encouraged the FASB and IASB to work together to eliminate differences when in the best interest of capital markets.
Similarly, in a public statement issued in January 2017, the outgoing SEC Chair expressed support for the development of high-quality, globally accepted accounting standards, and suggested that the SEC support further efforts by the FASB and IASB to converge their accounting standards to enhance the quality and comparability of financial reporting.
These points ranged from supporting small and medium-sized enterprises (SMEs) seeking financing, such as by obliging governments and markets to signpost different funding options, to harmonising regulation in order to boost cross-border infrastructure investment.
So far, 20 measures have been passed from the original list – most recently a securitisation package to free up capacity on banks' balance sheets, and venture capital reforms to boost investment in SMEs.