The Securities and Exchange Commission (SEC) is proposing a Roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) by U.S. issuers for purposes of their filings with the SEC. The Roadmap sets several milestones leading to the use of IFRS in 2014. The SEC also proposing amendments to various regulations that would permit early use of IFRS by a limited number of U.S. issuers. Only an issuer whose industry uses IFRS as the basis of financial reporting more than any other set of standards would be eligible to elect to use IFRS, beginning with filings in 2010.

http://www.sec.gov/rules/proposed/2008/33-8982.pdf

14 November 2008