The freight train known as International Financial Reporting Standards for U.S. filers is gaining momentum—or is it?
The Securities and Exchange Commission issued its proposed IFRS roadmap in November with a 90-day comment period. The Commission will wait until 2011 before it determines whether to proceed with rules mandating that U.S. companies adopt IFRS beginning in 2014. And that could change with new leadership at the SEC.
European countries had to adopt IFRS only three years after the European Union agreed to change the new rules, so one can hardly say the SEC is rushing pell-mell into adopting IFRS. The current ...