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October 2009 » Planning Ahead for IFRS 1
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Joseph M. Langmead, STD, MBA, CPA, and Jalal Soroosh, PhD, CMA
On November 14, 2008, the SEC issued its proposed road map addressing when and under what circumstances U.S. public companies might be permitted or required to adopt international Financial Reporting Standards (IFRS) when preparing their financial statements with the SEC. The road map does not include a fixed IFRS adoption date as such. Rather, it states that adoption of IFRS will be considered in 2011 in light of stated conditions at that time. It also provides an option for early adoption by a defined set of companies. While the adoption of IFRS by U.S. public companies likely will, if it comes to pass, occur over several years, the opportunity for some public companies may arrive soon. For all others, the time for planning such a transition is now.
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