February 2010

No IFRS Requirement Until 2015 or Later Under New SEC Timeline

From Journal of Accountancy.

The SEC unanimously approved on Wednesday a new timeline that envisions 2015 as the earliest possible date for the required use of IFRS by U.S. public companies. The SEC action calls for more study of IFRS and a 2011 vote on whether to move ahead with a mandate to use IFRS.

While it affirms the commission’s desire to keep moving toward IFRS adoption, the new timeline offers issuers some breathing room from the 2014 deadline originally spelled out in the proposed road map the SEC unveiled in 2008.

That road map also would have allowed certain U.S. companies to use IFRS before 2014. But in the statement approved Wednesday the SEC said it is not pursuing an early adoption option and, accordingly, withdrew the proposed rules that would have permitted it. The SEC could reconsider this position at a later date.

The statement also says the SEC is not excluding the possibility that issuers may be permitted to choose between the use of IFRS or U.S. GAAP.

More about IFRS timeline.


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