SEC releases Roadmap to International Accounting Standards

28 August 2008

The SEC approved a proposal of 2014 as the earliest date for the possible adoption of international accounting standards in the U.S.. The proposed Roadmap will be published for public comment soon and could lead to the use of IFRS by U.S. issuers.

The SEC approved a proposal of 2014 as the earliest date for the possible adoption of international accounting standards in the U.S. The proposed Roadmap will be published for public comment soon and could lead to the use of IFRS by U.S. issuers. The SEC would make a decision in 2011.

 

"The increasing worldwide acceptance of financial reporting using IFRS, and U.S. investors' increasing ownership of securities issued by foreign companies that report financial information using IFRS, have led the Commission to propose this cautious and careful plan”, SEC Chairman Christopher Cox said.

 

Public comment on the SEC's proposing release should be received by the Commission no later than 60 days after its publication in the Federal Register.

 

The full text of the SEC's proposing release will be posted to the SEC Web site as soon as possible.

 

Press release

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