The Securities and Exchange Commission’s next move on embracing International Financial Reporting Standards is coming soon, its chairman said recently.
SEC staff will formally propose an updated “roadmap” later this year that outlines how the United States will move to allow—if not ultimately mandate—use of IFRS instead of U.S. Generally Accepted Accounting Principles. The SEC voted last fall to allow foreign companies listed on U.S. exchanges to file periodic reports in IFRS rather than GAAP, and the financial reporting community has been waiting since then for the Commission to give the same choice to domestic filers.
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