US companies will be given an option to use international accounting standards, the SEC confirmed
The world’s largest capital market is just weeks away from an announcement that US companies will be given an option to use international accounting standards.
Sources familiar with US regulator, the Securities and Exchange Commission, confirmed that chairman Christopher Cox was preparing to announce a timetable which would give US companies a roadmap to the final switch to IFRS.
KPMG US audit partner Paul Munter said that while timing is still uncertain, the expectation in the US was that the SEC would make a rules proposal ‘some time in June’. He said: ‘We expect… a roadmap of a series of actions and steps that need to be taken, some of which are structural, in terms of the structure and funding of the International Accounting Standards Board.’
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