Section 1190: SEC Roadmap to IFRS
Potential Use of IFRS Financial Statements by U.S. Issuers
1. Proposed Rule
Issued in November 2008
Require U.S. Issuers to use IFRS, beginning in 2014
Final decision will be made in 2011
2. Staged Transition
Large Accelerated Filers ($700 million ≤ public float)
Required for fiscal years ending on or after, December 15, 2014
Accelerated Filers ($75 million ≤ public float < $700 million)
Required for fiscal years ending on or after, December 15, 2015
Non-Accelerated Filers (public float < $75 million)
Required for fiscal years ending on or after, December 15, 2016
3. Early Adoption Allowed
Who: Large companies in the industry, where IFRS is used more than any other GAAP
What: Allowed to use IFRS earlier
When: Fiscal years ending on or after, December 15, 2009
4. Fiscal years reported:
If IFRS is adopted for FY 2014 and
if financial statements are required for three FYs
--> IFRS Opening Statement of Financial Position: January 1, 2012
5. Growth Opportunities for Qualified CPAs
Demand for training:
Corporate accountants, Auditors
Investors, Analysts, Rating agencies
Other users of financial statements: Customers, Vendors
Actuaries, Valuation experts, Regulators
Supply of training and consulting:
Very limited, Costly to develop
Growth opportunity for qualified CPAs
Timing is essential, Finding experts is challenging
6. Training and Consulting
How to develop expertise
Training of staff: Internal training, External training
Training materials, Internal manuals
Balance between client work and expertise development
Timing and scope of investment and outsourcing
| 
Index of IFRS Financial Reporting Textbook
