Client Alert

SEC Approves Statement on Global Accounting Standards

March 3, 2010

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Last week, the SEC issued a statement reaffirming its commitment to a single set of global accounting standards, including its continued support for the convergence of U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards (“IFRS”). The statement directs the SEC’s Office of the Chief Accountant to develop and carry out a work plan, the results of which will aid the SEC in its evaluation of the potential impact of the use of IFRS by U.S. companies. Based on a review of the work plan and other factors, the SEC intends to decide in 2011 whether to incorporate IFRS into the U.S. financial reporting system. The earliest date that U.S. companies may be able to use IFRS is 2015. 

Click here to read our client alert regarding the SEC's recent statement on global accounting standards.
 
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