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1967: Accountants International Study Group is created. Precursor to IASC |
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1973: Agreement to establish the International Accounting Standards Committee is signed |
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2001:
The
initial
14
members
of
the
International
Accounting
Standards
Board are appointed (replaced the IASC) |
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As of January 1, 2008: there were 41 International Accounting Standards (IASs issued by the International Accounting Standards Committee -Pre- 2001), and there were 9 IFRSs issued by the International Accounting Standards Board (starting 2001) |
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International Financial Reporting Standards (IFRS) are increasingly being viewed as the single set of high-quality accounting standards |
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IFRS, have become increasingly popular since their adoption by the European Union in 2005. |
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In late 2007, the Securities and Exchange Commission (SEC) adopted rules to accept SEC filings from foreign private issuers without requiring reconciliation to U.S. GAAP, provided they were prepared under IFRSs. |
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In August 2007, in a move that demonstrated the increasing importance of IFRS, the SEC issued a Concept Release on allowing U.S. issuers to prepare financial statements in accordance with IFRS. |
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Many
believe
that within three to five years the U.S. capital markets
will have made the changeover to IFRS. |
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Today over one hundred countries have already transitioned to IFRS. |
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At the last count (IFRS) is accepted in
109 countries. Within five years it could be the
standard in 150 countries.  "Currently, more than
120 nations and reporting jurisdictions permit or require
IFRS for domestic listed companies." source: AICPA IFRS
Updage_V8."The U.S. is going to be standing alone if we don’t make this move to IFRS.” Gary Illiano, partner in charge, accounting and auditing practice, Grant Thornton LLP. |
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At
an
August
27, 2008 SEC open meeting, the Commission voted to issue a
proposal for public comment that contains a Roadmap for
U.S. issuers to use IFRS as issued by the IASB by 2014
(IASB) |
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By 2009: a limited
number of eligible issuers would be able to early adopt IFRS
for filings made in 2010 for periods ending on or after
December 15, 2009. It is currently estimated that 110 U.S.
companies in 34 different industries would be eligible for
early adoption of IFRS. This proposal has been eliminated. No early adoption will be allowed. |
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By
2011:
the Commission will consider adoption of the mandatory use
of IFRS in a later year, as well as determine if the early
adoption program should be expanded to a larger group of
companies. December 6, 2010 ...while the commission still plans to vote next year on whether to require the use of IFRS, it is “not committed to a June 2011 decision date … despite a common [misconception by the accounting] profession,” Schapiro said. |
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By 2014: the anticipated date
by which use of IFRS becomes mandatory. As an alternative to
mandating adoption of IFRS for all filers at the same time,
adoption might be phased in based on size of the filer -
2014 for large accelerated filers, 2015 for accelerated
filers, and 2016 for all other filers In February 2010 the SEC unanimously approved a new timeline that envisions 2015 as the earliest possible date for the required use of IFRS by U.S. public companies if it decides to move ahead with a mandate. (early adoption, however, will not be an option) |