Wednesday 19 November 2008

USA: SEC publishes roadmap for adoption of IFRS by US issuers

The move towards global accounting standards has moved closer. The Securities and Exchange Commission has published a Roadmap for the potential use of financial statements prepared in accordance with IFRS by US issuers. The roadmap provides several milestones which, if met, could lead to the use of IFRS by US issuers in 2014 providing the SEC is satisfied that this would be in the public interest. The SEC is, however, proposing making amendments which would permit the earlier use of IFRS by a limited number of issuers where this would enhance the comparability of financial information.

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