More changes are coming for the accounting standards switch from U.S. GAAP to IFRS.
Recently, the SEC extended the time businesses have to comment on its proposed IFRS timeline by two months. What does this extension mean to companies and, more importantly, who’s affected?
The extension may hinder larger companies that hope to get a jump on the adopting the guidelines and applying them later this year. However, the vast majority of firms want more time to think about the SEC’s 165-page proposal.
Public companies now have until April 20 (pushed back from the original deadline of Feb. 20) to look over the IFRS roadmap, gauge how it will affect their firms and comment accordingly. At the start of this month, the SEC only had around 30 comments, most of which asked for an extension of the comment period.
As delays and extensions continue to mark the accounting standards transition, under-prepared companies should take advantage. Making the switch could prove both costly and time-consuming, particularly in the IT sector.