Elliott Davis News

SEC Delays Plan to Adopt IFRS

The Securities and Exchange Commission (SEC) confirmed plans this week to move ahead with International Financial Reporting Standards (IFRS) for U.S. companies. However, the SEC now says it needs more time to make the transition.

On Feb. 24, the SEC unanimously approved a new timeline with a target date of 2015 for the required use of IFRS by public companies. The former roadmap stated a 2014 deadline. The delay came after the SEC said it needed more time to study IFRS. A vote is expected in 2011 on whether to move forward with a mandate to use IFRS.

Click here to read the full article from the Journal of Accountancy.

Click here to read more about IFRS and its far-reaching impacts.

Please contact Kay Biscopink, International Tax Services Practice Chair, if you would like more information.

 

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