SEC’s plan: IFRS by 2014 … if not sooner
And away we go ...
U.S. issuers could be using international financial reporting standards by 2014 under terms of an IFRS "roadmap" announced by the Securities and Exchange Commission.
The multi-year proposal calls for several milestones and a decision by the SEC in 2011 of "whether adoption of IFRS is in the public interest and would benefit investors."
In fact, CFO.com's Sarah Johnson and Marie Leone report that the first steps toward IFRS could come much sooner than that.
"If this so-called roadmap is approved," write Johnson and Leone, "the SEC estimates that 110 companies would be eligible to use IFRS at the end of fiscal years ending after Dec. 15, 2009, depending on their size and industry."
The AICPA was quick to chime in on the proposal.
“We believe the capital markets ultimately will insist on IFRS for public companies," said AICPA President and CEO Barry Melancon. "(This) action by the SEC continues a robust and thoughtful debate that is critical as the transition occurs.”
Is the SEC moving too fast? Not fast enough? Let us know what you think, then check out these other IFRS resources:
- MACPA IFRS resource center
- AICPA IFRS resources
- IFRS: Implications for CPAs (an MACPA podcast)
- Everywhere you turn, it's IFRS (from CPA Success)
- IFRS: 'Let's get it done' (from CPA Success)
- More resources surface as IFRS gains traction (from CPA Success)
- Are You Ready for IFRS? Moving Beyond the Basics (an MACPA program)
- International vs. U.S. Accounting: What in the World is the Difference? (an MACPA program)