Reporting Rules in the Pipeline
Late last week, the SEC proposed a road map leading to the filing of U.S. financial statements prepared in accordance with the International Financial Reporting Standards (IFRS). The road map introduces “several milestones that, if achieved, could lead to the required use of IFRS by U.S. issuers in 2014 if the [SEC] believes it to be in the public interest and for the protection of investors.” The road map also includes proposed amendments to various regulations, rules, and forms through which U.S. issuers in industries that use IFRS as the basis of its financial reporting “more than any other set of standards” could begin IFRS-compliant SEC filings as early as 2010.
Also, as the SEC’s deadlines for mandatory filing of financial reports in extensible business reporting language (XBRL) draw near — large, accelerated filers are now expected to be required to file in XBRL starting early next year — XBRL US has formed a working group to act as an advisory team on prospective changes to the U.S. GAAP taxonomy. The group includes Landon Westerlund of KPMG, Lisa Nelson of Microsoft, Lou Rohman of Merrill Corp., Patricia LaValle of Ernst & Young, Glenn Doggett of the CFA Institute, and Simon Hecht of United Technologies Corp.
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