On February 3, the Securities and Exchange Commission extended the public comment period for a proposed roadmap and amendments related to the use of financial statements prepared in accordance with International Financial Reporting Standards (IFRS) in SEC filings by U.S. issuers. The comment period, which was originally due to expire on February 19, has been extend until April 20.
As described in the November 21, 2008, edition of Corporate and Financial Weekly Digest, the proposed roadmap sets forth milestones that, if achieved, could lead to the required use of IFRS by U.S. issuers by 2014 if the SEC believes it to be in the public interest and for the protection of investors.
The SEC’s proposal would permit earlier use of IFRS by a limited number of U.S. issuers. http://www.sec.gov/rules/proposed/2009/33-9005.pdf