It has been almost a month since the SEC issued its much-anticipated “roadmap” for the proposed transition by U.S. public companies to use International Financial Reporting Standards (IFRS) instead of the U.S. Generally Accepted Accounting Principles (GAAP). The commission set a longer-than-expected 90-day comment period for the proposal, which puts forth milestones that, if met, could lead to the required use of IFRS by U.S. issuers in 2014. (Comments are due February 19, 2009). For an interesting take on this subject, take a look at the recent BNET Financial Services article Switching to IFRS: An Interview with Deloitte, which features comments from the firm’s D.J. Gannon, the partner who heads Deloitte’s IFRS solutions center in Washington, D.C. Noteworthy: When asked about private companies, Gannon says, “They shouldn’t be left out of this debate. There is a program targeted for private companies. More should be known by the middle of next year.” Guidance for private companies is certainly something to keep our eye out for….
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