The SEC's proposed timeline gives credence to a call by auditors for companies to start paying attention to international accounting rules
The Securities and Exchange Commission's new roadmap has given accounting experts and companies a reason to exhale. Now, at last, everyone knows the SEC's vision and likely deadlines for moving the U.S. onto global accounting standards.
However, as accounting firms caution, that sigh of relief will be fleeting as finance and accounting teams in the U.S. begin to review all the work that would need to get done if the SEC continues on the path to international financial reporting standards — which would require all U.S. publicly traded companies to use IFRS by 2016. Converting to another accounting language will involve, among other changes, an extensive review and possible revamping of IT systems and accounting policies and procedures, as well as employee training and evaluations of possible tax implications.
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