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."

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