On February 3, the SEC announced that it has extended the period for comment on its November, 2008 release proposing a "Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers" (“IFRS”). The original comment period would end on February 19, 2009.
Responding to numerous requests for an extension of time to improve the response rate and the quality of the responses to this wide-sweeping proposal, the Commission is extending the comment period on that release for 60 days until Monday, April 20, 2009.
The proposed Roadmap would permit early use of IFRS by a limited number of U.S. issuers where this would enhance the comparability of financial information to investors, and sets forth milestones that, if achieved, could lead to the required use of IFRS by U.S. issuers by 2014.
The full text of the original proposing release is available at: http://www.sec.gov/rules/proposed/2008/33-8982fr.pdf
The notice extending the proposal's comment period is available at: http://www.sec.gov/rules/proposed/2009/33-9005.pdf
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