SEC Proposes Roadmap for Mandatory Use of IFRS by U.S. Public Companies

The SEC recently proposed a “roadmap” for the potential use by U.S. issuers of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) in their SEC filings. If certain milestones outlined in the roadmap are met, the SEC will consider requiring the use of IFRS by all U.S. issuers beginning in 2014. As part of the roadmap, the SEC also has proposed to permit the early use of IFRS by a limited number of companies that meet specific criteria.

Click here to read our client alert summarizing key aspects of the proposed IFRS roadmap.

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