What is the current timeline for transitioning from U.S. GAAP to IFRS?
The SEC published its proposed road map for transition by public companies in November 2008. Under the proposed road map, IFRS filings would begin for large accelerated filers for fiscal years ending on or after Dec. 15, 2014. Smaller accelerated filers would begin IFRS filings for years ending on or after Dec. 15, 2015. Nonaccelerated filers, including smaller reporting companies, would begin IFRS filings for years ending on or after Dec. 15, 2016. The SEC will meet in 2011 to assess how well public companies have been dealing with the transition and how they are progressing toward a set of seven milestones. The milestones include improvements in accounting standards; the accountability and funding of the International Accounting Standards Committee Foundation, which oversees the IASB; improvements in the ability to use interactive data-tagging technology, or XBRL, for IFRS reporting; education and training related to IFRS; limited early use of IFRS where this would enhance comparabil
