Securities and Exchange Commission chief accountant Conrad Hewitt said SEC staff members planned to propose a date for mandating the use of International Financial Reporting Standards by public companies, but the date would not be confirmed for two years, giving accountants some extra leeway.
The confirmation would occur through a future commission that would examine whether key milestones had been met, such as whether U.S. companies are ready. Hewitt made the remarks at a joint meeting this week of the Financial Accounting Standards Board and the Financial Accounting Standards Advisory Council, according to a report by BNA.
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