SEC Proposed Roadmap toward IFRS

A quote from a release today from the SEC.


The Securities and Exchange Commission today voted to publish for public comment a proposed Roadmap that could lead to the use of International Financial Reporting Standards (IFRS) by U.S. issuers beginning in 2014. Currently, U.S. issuers use U.S. Generally Accepted Accounting Principles (U.S. GAAP). The Commission would make a decision in 2011 on whether adoption of IFRS is in the public interest and would benefit investors. The proposed multi-year plan sets out several milestones that, if achieved, could lead to the use of IFRS by U.S. issuers in their filings with the Commission.

Please go to http://www.sec.gov/news/press/2008/2008-184.htm


The proposals will also include possible conditions under which certain US companies could adopt IFRSs earlier than 2014.


A full text of the proposing release will be posted at the SEC website soon.


Comments on the proposals will be due 60 days after the publication in the Federal Register.





I will comment further when I see the text of the proposals.