The SEC has delayed indefinitely the deliberation on whether the U.S. would switch to global accounting rules currently used in 120 other countries.  The agency had said it would give more clarity by year-end on whether it will adopt IFRS rules, authored by the International Accounting Standards Board (IASB). James Kroeker, chief accountant at the SEC, told an industry conference SEC staff need "a few additional months" to prepare their report, although he could not give a "precise schedule."  Kroeker's comments are likely to increase frustration felt by some IASB members who have long wanted a clear signal from the United States on IFRS rules so that the board's work program can move on. Many big U.S. firms with foreign subsidiaries are keen to make the switch in order to cut reporting costs by having to adhere to a single standard.  However, smaller, domestic-focused U.S. companies and some vocal investor groups say IASB rules are not detailed enough.  Many in Congress also oppose adoption because they do not want to surrender regulatory sovereignty to a London-based rule-making body. Accounting industry officials say the SEC will probably have to go beyond broad support to some sort of clear commitment and timeline to switch to IASB rules.  Invariably, this could take several years and, in the end, be adopted only for large companies. Earlier on Monday, IASB Vice Chairman Ian Mackintosh said the United States could opt for "big bang" wholesale adoption like in Canada, a flat 'No' or something in between. For further details, go to [Reuters 12/5/11].