SEC proposes a 'roadmap' to IFRSs for domestic US registrants
28 Aug 2008
On 27 August 2008, the US Securities and Exchange Commission voted to publish for public comment a proposed 'roadmap' that could lead to the use of International Financial Reporting Standards (IFRSs) by US issuers beginning in 2014. Currently, US issuers must use US GAAP, though foreign registrants (of which there are around 1,100 from 52 jurisdictions) may elect to use IFRSs.
The proposal suggests mandatory adoption by US registrants could be phased in from 2014 to 2016 depending on company size:
- Large accelerated filers in 2014
- Accelerated filers in 2015
- Non-accelerated filers in 2016.