SEC approves early IFRS adoption.

• Author: Nevius, Alistair M.
• Position: Miscellaneous

On August 27, 2008, the Securities and Exchange Commission (SEC) unanimously agreed on a series of steps that could lead to the required use of international financial reporting standards (IFRS) by U.S. issuers by 2014. The SEC proposal would allow 110 of the largest publicly held companies in the United States to begin using IFRS at the end of 2009 in connection with their 2010 filings. In 2011, the SEC will determine whether to mandate the transition to IFRS by all U.S. companies in 2014. The SEC left open the possibility of a rollout of IFRS based...