A White House memo directing agencies to finalize their rules before the fall election could have an impact on plans for the use of Extensible Business Reporting Language and International Financial Reporting Standards in filings with the Securities and Exchange Commission.
White House Chief of Staff Josh Bolten sent a memo to federal agencies requiring that all the rules that need to be finalized before the administration leaves office should be proposed by June 1 and the final rules issued by Nov. 1, according to Dow Jones Newswires. A report by BNA and a blog entry by Financial Executives International speculate that the deadline may affect the SEC’s proposal that the largest public companies begin filing financial statements tagged in XBRL early next year, as well as the anticipated roadmap for convergence of IFRS with U.S. generally accepted accounting principles.
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