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: Research publications: item detail
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International Financial Reporting Standards: A Project Plan for U.S. Companies
©March 2009, 27 pages |
 On November 14, 2008, the U.S. Securities and Exchange Commission (SEC) released for public comment its Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers (Roadmap). This document offers a staged transition from generally accepted accounting principles, as promulgated in the United States (U.S. GAAP), to international financial reporting standards (IFRS), beginning in 2014 for large accelerated filers. The proposed multi-year plan sets out several milestones that, if achieved, could lead U.S. issuers to use IFRS in their SEC filings. One of those milestones includes an SEC decision in 2011 on whether mandatory adoption of IFRS is in the public interest and would benefit investors. The Roadmap also provides for early adoption of IFRS for a limited number of companies. This report provides a summary of what U.S. companies are doing to get ready for IFRS in advance of a final Roadmap.
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