The Securities and Exchange Commission has scheduled a meeting for this Wednesday to discuss setting a roadmap for the transition to International Financial Reporting Standards.

The long-anticipated move will provide a timetable for the convergence of U.S. generally accepted accounting principles with IFRS. "Our focus is laying out a roadmap," said SEC Chairman Christopher Cox (pictured) last week, according to Reuters. "It will be an important milestone, but it will be one step in what will undoubtedly be a long journey."

At the meeting, the SEC also plans to consider proposing amendments to various rules and forms to allow early use of IFRS by a "limited number" of public companies, the SEC said in announcing the meeting.

The commissioners plan to provide a comment period to solicit feedback and allow interested parties to chime in with their suggestions and objections to the proposed timetable. The roadmap would require a second vote before it became binding.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access