NEW YORK - The Securities and Exchange Commission has given U.S. companies more time to comment on its proposal to adopt international financial reporting standards (IFRS), but this extension may be creating uncertainty among those who thought the conversion was a done deal.
Extending the deadline another 90 days, from Feb. 19 to April 20, for comment has many worried that the SEC may delay implementation. With the SEC not scheduled to vote on the switch for a full two years after the close of the now-extended comment period, accounting executives said they would rather know sooner than later so that they can prepare for the standards. The current roadmap requires companies to keep two sets of books-one for Generally Accepted Accounting Principles (GAAP) and one for IFRS-for three years. Certainly, switching from GAAP to IFRS will be a monumental undertaking.