SEC unveils IFRS roadmap
TORONTO, Aug. 27 /CNW/ - Canada's largest trading partner is following
the lead of more than 110 countries worldwide with its decision to give US
companies the option to use International Financial Reporting Standards
Today, the U.S. Securities and Exchange Commission (SEC) unveiled its
much-anticipated roadmap for US companies to report their financials using
IFRS. As proposed, use of IFRS would become mandatory for large accelerated
filers beginning with filings for years ending on or after December 15, 2014.
This latest move follows the SEC's decision earlier this year to drop the
requirement for foreign companies to reconcile financial statements to US
generally accepted accounting principles (GAAP).
More than 100 countries, including some of the world's largest capital
markets, either require or permit the use of IFRS. In Canada, IFRS conversion
is set for January 1, 2011.
Ernst & Young can offer valuable insight on how IFRS will change
financial reporting and what all companies must do now to ensure they are
ready for conversion.
About Ernst & Young
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advisory services. Worldwide, our 130,000 people are united by our shared
values and an unwavering commitment to quality. We make a difference by
helping our people, our clients and our wider communities achieve potential.
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