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SEC Proposed Rule on IFRS

November 4, 2008

The SEC has finally issued a proposed rule to require International Financial Reporting Standards (IFRS) for public companies in the United States. Pursuant to the proposal, large accelerated filers would be required to adopt IFRS by 2014 with other public filers following in 2015 and 2016. The rule, if issued as proposed, would not be ratified until 2011.

Many have been waiting for such a proposal, but does it go far enough? Will companies take seriously a proposed rule that may not be ratified until 2011? I hope so, because the transition to IFRS is a complex effort that will take several years to complete.

Next week I will suggest a timeline for transition that companies may want to consider.

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