As U.S. companies are gearing up to use international accounting standards, the Securities and Exchange Commission is seeking comments on its plan for managing the migration. Under the SEC's "road map," most companies will adopt the International Financial Reporting Standards in 2014, although some may be allowed to do so sooner.
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New accounting standards predicted to have wide effects: The Securities and Exchange Commission has set up a timeline for U.S. companies to change over to international accounting standards, but industry insiders say the change is much more far-reaching than many probably realize. "It's about so much more than an accounting exercise -- I have to say that over and over again," said Danita Ostling, an audit partner at Ernst & Young.
read more at http://www.ft.com/cms/s/0/2ec2bf54-7461-11dd-bc91-0000779fd18c.html
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