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SEC ROADMAP

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THE SEC AND ITS ROADMAP

The SEC recognizes that the establishment of a single, widely accepted set of high-quality accounting standards benefits both global capital markets and U.S. investors. U.S. investors will make better-informed investment decisions if they obtain high quality financial information from U.S. companies that are more comparable to the presently available information from non-U.S. companies operating in the same industry or line of business. Thus the SEC appears committed to move to IFRS assuming that certain conditions are met. These conditions are spelled out in a document called the “Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers” hereafter called the Roadmap.[1] The SEC is accepting comments on the proposed Roadmap until April of 2009.

The SEC has established a very deliberate process beginning with use of IFRS by foreign companies in U.S. markets while considering the merits of requiring use of IFRS by U.S. Companies. Only if the milestones are met will the SEC require U.S. companies to the use IFRS, beginning in 2014.

[1] SEC Release No. 33-8982; November 14, 2008.

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