SEC’s Proposed Roadmap To Adopting International Financial Reporting Standards (Replacing U.S. GAAP)

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Pryor Cashman’s Edward Normandin and Megan Penick have authored a Legal Update entitled “SEC’s Proposed Roadmap To Adopting International Financial Reporting Standards (Replacing U.S. GAAP).” The update discusses the Securities and Exchange Commission’s (SEC) proposed “roadmap” in requiring all U.S. public companies to switch from GAAP accounting to International Financial Reporting Standards for the reporting of financial information in their SEC filings.

If adopted, public companies will have to convert over to the new standards beginning with SEC filings for the 2014 fiscal year for some large companies and 2015 or 2016 for others, depending on market cap. Public companies and their accountants and legal counsel will have to prepare well in advance for the conversion, if adopted.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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