SEC issues IFRS Roadmap for 90-day comment

Developing News

As reported in the FEI USA financial reporting blog, on the eve of the G20 Summit the SEC released a draft of its long-awaited Roadmap on IFRS for comment -
Roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards by U.S. Issuers

(UPDATE - see the SEC website under proposed rules for another reference to the document)

The document seems to be very much in line with the proposals approved at the SEC meeting last August. ( I have not yet read it in detail). There will be a 90 day comment period after publication in the Federal Register.

As noted in the document:

The Commission in 2011 would determine whether to proceed with rulemaking to require that U.S. issuers use IFRS beginning in 2014 if it is in the public interest and for the protection of investors to do so. These milestones relate to:

• improvements in accounting standards;
• the accountability and funding of the IASC Foundation;
• the improvement in the ability to use interactive data for IFRS reporting;
• education and training relating to IFRS;
• limited early use of IFRS where this would enhance comparability for U.S.
investors;
• the anticipated timing of future rule making by the Commission; and
• the implementation of the mandatory use of IFRS by U.S. issuers.


I will be reading the proposals in the document very carefully and follow up with a more detailed posting at a later date. I just wanted to give you the heads up.

(Thanks to the FEI US financial reporting blog for the heads up on this - on top of things as usual. See the Blogroll list on this site for a link to their blog - anyone is free to sign up).

I reported this morning that Mexico has decided to go ahead with IFRS adoption in 2012 but I have no further details. More information and discussion may come out at the G20 meeting.

Well, the wait is over and the game is a foot. It will be an interesting debate over Christmas.