US - Stakeholders react to timeline that would not require IFRS until 2015 or later

The US Securities and Exchange Commission (SEC) unanimous approval in February 2010 of a new policy statement sets the scene for the transition to International Financial Reporting Standards (IFRS). It proposes 2015 as the earliest possible date for the required use of IFRS by US public companies. It also calls for more study of IFRS and a 2011 vote on whether to move ahead. In addition, the SEC directed its staff to publish periodic progress reports, starting no later than October 2010. (Read the article The SEC's IFRS Work Plan for highlights of the major points and initial reactions of stakeholders interviewed by the Journal of Accountancy.)