SEC Proposes Roadmap for Potential Use of IFRS by US Issuers

Today, the US Securities and Exchange Commission (SEC) voted unanimously to seek public comments on a release that will include both (1) a proposed roadmap for the potential mandatory adoption of International Financial Reporting Standards (IFRS) by issuers in the US and (2) a proposed rule that would allow the optional use of IFRS by certain qualifying domestic issuers. The proposed roadmap targets potential mandatory adoption of IFRS in the US beginning in 2014, but lays out several milestones that would need to be achieved prior to the SEC mandating use of IFRS for all US issuers. The proposed rule would allow certain qualifying domestic issuers to use IFRS as early as fiscal years ending on or after December 15, 2009. (Read the SEC's Press Release, PwC's Breaking News and KPMG's Defining Issues.)