| Latest Events |
|---|
|
Kansas City: Not-for-Profit Update: Understanding Fraud, Risk And Other Technical Issues January 22, 2009 (Speaker Series) View Full Calendar |
| Focus on Accounting: SEC Releases IFRS Transition Roadmap |
|
|
On August 27, 2008, the Securities and Exchange Commission (SEC) voted unanimously to approve the release for public comment of a proposed “roadmap” for the adoption of International Financial Reporting Standards (IFRS) by U.S. issuers. The SEC’s decision to seek comment on a proposed timeline indicates an expectation that adoption of IFRS will be required by the SEC in the future. However, the roadmap is a more preliminary step than a rule, and will not, by itself, create changes in the choice of accounting principles. The roadmap and the SEC actions relate only to companies that file with the SEC, and have no current impact on accounting standards for non-filers. In an open meeting webcast, the SEC indicated that a decision regarding any future mandate requiring the adoption of IFRS would not be made before 2011. If adoption of IFRS is mandated for U.S. issuers at that time, IFRS would be likely become mandatory by 2014. Additionally, the roadmap is expected to provide a limited number of U.S. companies the option to convert to IFRS as early as annual reports on Form 10-Ks filed in 2010. The proposed roadmap does not have any specific guidance as to the content required for the limited early adopters or for the ultimate transition timeline. Details will be available when the proposed roadmap is published, which is expected to be one to two weeks after the August 27 SEC meeting. Comments will be due 60 days after the publication of the proposal in the Federal Register.
For more information contact:
Eric Janson, CPA |
| Main Menu | |||
|---|---|---|---|
|
| Horizons Magazine |
|---|
Horizons Magazine
Spring 2008
Visit the Resource Center to access past issues of Horizons Magazine, as well as a variety of other articles and topics of interest. |
