SEC proposes road map for public companies' transition to IFRS

11/17/2008 | JournalofAccountancy.com

The Securities and Exchange Commission on Nov. 14 released its long-awaited road map for U.S. public companies' transition to the use of International Financial Reporting Standards. The commission set a longer-than-expected 90-day comment period for the proposal, which puts forth milestones that, if met, could lead to the required use of IFRS by U.S. issuers in 2014. The commission also is seeking comment on two alternative proposals under which U.S. issuers that elect to use IFRS would disclose U.S. GAAP information. Comments are due Feb. 19.

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