Public companies in Argentina will be required to adopt International Financial Reporting Standards starting in 2012.

The country’s National Securities Commission said the requirement would apply to all companies with publicly traded shares and bonds, according to Dow Jones Newswires.

Companies will have the option to begin voluntarily filing their financial statements in accordance with IFRS starting in January 2011.

Over 100 countries have either adopted or agreed to adopt IFRS, but the U.S. Securities and Exchange Commission has not yet approved the proposed roadmap to IFRS issued last year under the previous administration.

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