SEC Proposes Roadmap for Transition to IFRS

The US Securities and Exchange Commission (SEC) has released its long-awaited roadmap for US public companies to make the transition to International Financial Reporting Standards (IFRS). The SEC set a longer-than-expected 90-day comment period for the proposal, which puts forth milestones that, if met, could lead to the required use of IFRS by US issuers in 2014. The SEC is also seeking comment on two alternative proposals under which US issuers that elect to use IFRS would disclose US GAAP information. (Read a commentary on the proposals or obtain the SEC Roadmap.)