The SEC will release a time line later this year for allowing U.S. companies to use international financial reporting standards.
Securities and Exchange Commission chairman Christopher Cox, in a speech last week, quashed any doubts that the regulator will one day allow U.S. companies to use international financial reporting standards rather than GAAP. The SEC is working on a road map for transitioning U.S. companies to the global rules, he told members of the European-American Business Council.
"The expanded use of a single, high-quality accounting standard will eventually empower investors to make better-informed investment decisions by giving them information that is more easily comparable," he said. His speech came just a few months after the SEC began accepting IFRS-prepared financial statements from some of its foreign registrants without requiring them to reconcile those filings to U.S. generally accepted accounting principles.
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