SEC Extends Comment Period On IFRS Roadmap

Feb. 3, 2009
FEI Summary

On Feb. 3, 2009 the U.S. Securities and Exchange Commission issued a release extending the comment period on its proposed IFRS Roadmap. Originally published in the Federal Register on Nov. 21, 2008, with a comment deadline of Feb. 19, 2009, the SEC has extended the comment period by an additional 60 days. It now ends on Mon., April 20, 2009.

Note: the SEC has simply delayed the ultimate comment deadline on this proposal; it has not yet made a determination whether to delay the year at which it would plan to reach a decision on a potential move of U.S. public companies from U.S. generally accepted accounting principles to International Financial Reporting Standards, nor has SEC determined yet whether it would delay the proposed effective date that companies would have to switch over, if indeed it decided that companies should make this change.

FEI’s comment letter asking for an extension of the comment period is among the letters cited by name in footnote 1 of the SEC’s release granting the extension, in addition to comment letters sent by Northrop Grumman Corp., Raytheon Co. Honeywell International Inc., Aerospace Industries Association and United Technologies Corp.  

Other Resources:

• See a webcast Feb. 4 at 2 p.m. EST on Technology Companies: Preparing for the R&D and Intangible Assets Transition From U.S. GAAP to IFRS. The webcast is sponsored by KPMG and FEI. Featured speakers include: Frank Brod, chief accounting officer, Microsoft Corp.; Jim Campbell, corporate controller, Intel Corp.; and Christopher Huetten, chief accounting officer, SAP.
• KPMG IFRS Institute
• IFRS Reporter, by Greg Millman
• IFRS Canada: The Devil's in the Details, by Darla Sycamore.