US companies which meet strict criteria could be allowed to 'early adopt' the latest accounting rules by publishing their 2009 accounts under international financial reporting standards (IFRS) from as early as the start of 2010, according to detailed plans released by the Securities and Exchange Commission (SEC).

Accountants report several blue-chip companies are considering the effect of the rules on their companies and early adopting groups are likely to include some household names, the Financial Times reports.

The detailed changes are part of a long-awaited road map where the SEC sets out the milestones to be met before the regulators commit to the change in 2011.

However, the early adopters would have to reconcile their new IFRS accounts with US GAAP, suggesting they could change back to the US system should the project stall.

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Read the Financial Times story