Potential use of financial statements prepared in accordance with IFRSs by US issuers
The Securities Exchange Commission (SEC) in United States has proposed a roadmap for the potential use of financial statements prepared in accordance with the International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board, by US issuers for filing purposes with the SEC. The roadmap includes milestones which if achieved could lead to the required use of IFRSs by US issuers in 2014, if the SEC believes it to be in the public interest and for investor protection.
The SEC is also proposing amendments to regulations to permit early use of IFRSs by a limited number of US issuers where this would enhance comparability of financial information to investors. The SEC emphasised that only an issuer whose industry mainly uses IFRSs as the basis of financial reporting would be eligible to elect to use IFRSs beginning with filings in 2010.
For further information, please visit the SEC website or the IASB website. The document “Roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards by US issuers” is available on the SEC’s website.