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A Decision on the Proposed Roadmap to IFRS Delayed to Early 2010

December 13, 2009

The SEC’s Chief Accountant had previously given hints that the SEC would clarify its views on IFRS by late December. But now it appears we will not hear what the SEC plans to do with IFRS until early 2010. Commissioner Elisse Walter, in her keynote address to the American Institute of Certified Public Accountants, said that in early 2010 the SEC will determine what to do about the adoption of international accounting standards.
SEC staff members are “formulating a recommendation to the commission” based on the comment letters it received on its proposed roadmap to the adoption of IFRS. The commissioner said “I expect we will likely consider further action sometime in early 2010”
The SEC’s proposed roadmap to IFRS set forth seven milestones base on which the decision to move to IFRS (beginning in 2014) would be ratified or rejected (by 2011) based on milestone progress achieved. The milestones included:

  • Improving Specific Accounting Standards
  • Improving the Structure and Funding of the IASB
  • Facilitating the use of interactive data (XBRL) under IFRS
  • Updating the Education and Licensing of U.S. Accountants
  • Evaluating the early adoption experiences of a limited group of companies
  • Timing of future rule making
  • Sequencing of companies required to use IFRS

For more information on IFRS see: IFRS Web Resources

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