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SEC will consider IFRS Roadmap for domestic US registrants

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25 Aug 2008

At its open meeting on Wednesday 27 August 2008, the US Securities and Exchange Commission will consider whether to invite public comment on a plan ('Roadmap') by which the United States might allow domestic US registrants to use International Financial Reporting Standards (IFRSs) in their filings with the Commission instead of US Generally Accepted Accounting Principles (GAAP).

Earlier this year, the SEC already began allowing foreign registrants to use IFRSs without the need to prepare a reconciliation to US GAAP data. Here is the agenda item as described in the SEC's Meeting Notice:

The Commission will consider whether to propose a Roadmap for the potential use by US issuers for purposes of their filings with the Commission of financial statements prepared in accordance with International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board. As part of the Roadmap, the Commission will also consider whether to propose amendments to various rules and forms that would permit early use of IFRS by a limited number of US issuers.

 

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