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Destination IFRS

The beginning of the end of GAAP could come as early as 2010.

By Staff Writer | Updated on October 01, 2008

At long last, the Securities and Exchange Commission (SEC) has proposed a roadmap for adopting International Financial Reporting Standards (IFRS). Large U.S.-based multinationals could switch to IFRS from Generally Accepted Accounting Principles (GAAP) in 2010. A vote in 2011 would determine whether to mandate the international standards for all public U.S. companies–on a staggered schedule.

Companies with market values exceeding $700 million would switch to IFRS in 2014; companies worth $75 million to $700 million would make the change in 2015; and smaller companies would have until 2016.

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