SEC releases for public comment roadmap for U.S. issuers' transition to IFRS.

On Nov. 14, the Securities and Exchange Commission released its long-awaited roadmap for continuing progress toward adoption of International Financial Reporting Standards for U.S. public companies. The commission's proposal sets out a timeline that says if, in 2011, seven key milestones are met, use of IFRS could be required for U.S. issuers in 2014. The roadmap would allow potential use of IFRS for eligible early filers beginning with filings for fiscal years ending on or after Dec. 15, 2009. The commission also is seeking comment on two alternative proposals under which U.S. issuers that elect to use IFRS would disclose U.S. GAAP...