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On August 27, 2008, the Securities and Exchange Commission voted unanimously to seek public comment for 60 days on a proposed Roadmap that could lead to the use of International Financial Reporting Standards (IFRS) by U.S. issuers beginning in 2014.

The plan calls for a voluntary, early adoption of IFRS by large U.S multinational companies in 2010. The Commission would make a decision in 2011 on whether adoption of IFRS is in the public interest and would benefit investors. The proposed multi-year plan sets out several milestones that, if achieved, could lead to the use of IFRS by U.S. issuers in their filings with the Commission. The transition to international standards would be phased in over a three-year timetable, beginning with large U.S. companies in 2014, followed by mid-sized companies in 2015 and small companies in 2016.

The increasing integration of the world's capital markets, which has resulted in two-thirds of U.S. investors owning securities issued by foreign companies that report their financial information using IFRS, has made the establishment of a single set of high quality accounting standards a matter of growing importance. A common accounting language around the world could give investors greater comparability and greater confidence in the transparency of financial reporting worldwide.

Currently, over 100 countries around the world, including all of Europe, require or permit IFRS reporting. Approximately 85 of those countries require IFRS reporting for all domestic, listed companies.

Amper's International Services Group has anticipated the transition to IFRS reporting and is positioned to service clients as the transition progresses. Our experts can assist your company in understanding all of the accounting and tax implications that this transition will create.

Contact: Brian Downey
International Services Group
(732) 287-1000