U.S. Transition to ifrs

On November 14, 2008, the SEC released its proposed roadmap for the adoption of IFRS in the U.S. At about the same time, leaders from the G20 countries at a financial summit in the U.S. issued a statement which, among other things, confirmed the leaders' support for developing a single set of high-quality global accounting standards. Both of these events represent progress toward the adoption of IFRS in the U.S.

The roadmap outlines the key activities that need to be completed before the SEC requires the adoption of IFRS for U.S. filers. According to the proposed roadmap, the SEC will evaluate progress against these milestones in 2011. At that time, it will decide whether to require mandatory use of IFRS, beginning in 2014 for large accelerated filers, 2015 for accelerated files, and 2016 for all other filers and whether to expand the group of companies permitted to adopt IFRS early.

To find out how MNP can help you make the transition to IFRS, please contact your local MNP advisor or call Jason Kingshott, CA, at 1.877.500.0792.