|
|
28 Aug 2008
USA’s Securities and Exchange Commission (SEC) agreed yesterday to seek public comment on its proposed roadmap leading to the adoption by US listed companies of International Financial Reporting Standards (IFRS), starting in 2014.
The proposed multi-year plan sets out several milestones which include a voluntary adoption of IFRS in 2010 by about 110 big multinational companies, following which the commission will make a decision in 2011 whether the adoption of IFRS is in the public interest and would benefit investors, The Daily Telegraph reports.
Sir David Tweedie, International Accounting Standards Board (IASB) chairman, welcomed the SEC's move, which he described it as ‘another important vote of confidence’ for IFRS.
Should the commission vote for a compulsory transition to IFRS, the adoption could be staggered, starting with big companies using IFRS in 2014, followed by medium-sized businesses the following year, and smaller companies in 2016.
Further reading:
Auditors protest requirments for IFRS specialists
FASB attempts US convergence with international EPS calculation
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment