Milestones 1-4 discuss issues that need to be addressed before mandatory adoption of IFRSs:

• 1. Improvements in accounting standards.
• 2. Accountability and funding of the International Accounting Standards Committee Foundation.
• 3. Improvement in the ability to use interactive data for IFRS reporting.
• 4. Education and training on IFRSs in the United States.

• 5. Limited early use by eligible entities – This milestone would give roughly 110 US issuers the option of using IFRSs for financial years ending on or after 15 December 2009.
• 6. Anticipated timing of future rule making by the SEC – On the basis of the progress made on milestones 1-4 and experience gained from milestone 5, the SEC will determine in 2011 whether to require mandatory adoption of IFRSs for all US issuers. Potentially, the option to use IFRSs could also be expanded to other issuers before 2014.
• 7. Implementation of mandatory use – The roadmap raises many questions, including whether the transition to IFRSs should be phased in. According to the roadmap, large accelerated filers would be required to file IFRS financial statements for financial years ending on or after 15 December 2014, then accelerated filers in 2015, and nonaccelerated filers in 2016.