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.
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