Question

If US adopts IFRS, will the role of SEC get minimized? Will IASB will have any role?

Answer 1

Yes it is likely. Currently both SEC & FASB are responsible for developing Accounting standards (US GAAP). However SEC's scope is not only seting standards. But if US adpots IFRS then the role of SEC in terms of setting standards is likely to get minimied or wiped out. This may be a reason why SEC is reluctant to adopt IFRS.