CFO reported that a subtle shift in word usage by James Kroeker, the Securities and Exchange Commission’s chief accountant, may signal the SEC’s acceptance of the possibility of an end to the “special relationship” between the U.S. Financial Accounting Standards Board and the International Accounting Standards Board, according to a New York-based adviser of the IASB.

In remarks made by Kroeker during a meeting of the IFRS Advisory Council, which provides input to the IASB, Kroeker’s used the word endorsement rather than “condorsement,” a term coined last May in an SEC staff paper that combines the words convergence and endorsement, CFO said.

Under the condorsement plan, FASB would continue to hold sway in this country over a convergence of U.S. GAAP and IFRS during a transition period of five to seven years. But once convergence has been achieved, FASB would merely endorse the standards the IASB has developed, CFO reported.

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