On August 27, 2008, the SEC unanimously voted to issue a proposed roadmap for continuing U.S. progress toward acceptance of IFRS for public companies by 2014. The proposed roadmap would make 110 of the largest publicly held companies in the U.S. eligible to begin using IFRS at the end of 2009 in connection with their 2010 filings. In 2011, the SEC will evaluate whether key milestones have been met to determine the feasibility of mandating the use of IFRS by all U.S. public companies in 2014. The AICPA’s IFRS Backgrounder is being updated to reflect the proposed roadmap. See the full article summarizing the SEC meeting.
International Financial Reporting Standards (IFRS) — An AICPA BackgrounderThe American Institute of Certified Public Accountants (AICPA) has recently issued a background document on International Financial Reporting Standards (IFRS). The growing acceptance of International Financial Reporting Standards (IFRS) as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. Today nearly 100 countries require or allow the use of IFRS for the preparation of financial statements by publicly held companies. In the United States, the Securities and Exchange Commission (SEC) is considering taking steps to set a date to allow U.S. public companies to use IFRS, and perhaps make its adoption mandatory. View International Financial Reporting Standards (IFRS) — An AICPA Backgrounder [PDF - 500k]
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