SEC unveils roadmap for IFRS by 2014

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

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

FASB attempts US convergence with international EPS

The Daily Telegraph story

Related reading

Fiona Westwood of Smith and Williamson.