ON WEDNESDAY THE SECURITIES and Exchange Commission proposed a roadmap that could force U.S. companies to stop using U.S. GAAP [generally accepted accounting principles] and instead use International Financial Reporting Standards (IFRS) beginning in 2014. So will this actually happen?
The proposal suggests taking a wait-and-see approach with the SEC making a final decision in 2011. In addition to the mandatory dates, the SEC also proposed that some U.S. companies could have the option to make the switch to IFRS early, perhaps as early as fiscal year 2010. The SEC estimates 110 companies
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