SEC Offers Roadmap To Global Reporting Rules

Law360, New York (August 27, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission voted Wednesday to seek public comment on a proposed “roadmap” to require U.S. companies to begin using international accounting standards by 2014.

Under the multi-year plan, the SEC would decide in 2011 whether replacing the U.S.'s Generally Accepted Accounting Principles with the International Financial Reporting Standards was in the public interest and would benefit investors. Public comment on the roadmap is due within 60 days.

The commission said the plan was proposed in response to the increasing globalization of the...
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