US Reaction to IFRS Plan

For US GAAP, the end of an era could be in the making. In August 2008, the Securities and Exchange Commission (SEC) unveiled a proposed roadmap that begins to widen the acceptance of International Financial Reporting Standards (IFRS). The roadmap would allow 110 of the largest publicly held companies — equal to 14% of US market capitalization — to begin using IFRS voluntarily for their 2009 financial statements. It could lead to a requirement for all US public companies to begin using IFRS by 2014. (Read the Journal of Accountancy news analysis Profession Reacts to IFRS Plan.)