The SEC issued the long-awaited proposal to pave the way for U.S. companies to use global accounting rules in Release No. 33-8982, Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers, on November 14, 2008.

The proposed rule provides a timeline for U.S. companies to adopt IFRS in a phased-in approach from 2010 through 2017, provided several conditions are met each stage along the away. Large companies approved to be in the first wave of adopters can use the rules for the regulatory filings they submit in 2010 for their 2009 fiscal years. Only companies that are among the largest global entities in industries where IFRS are followed by more firms than any other set of accounting principles would be eligible to become early users. The proposal?s 90-day comment period ends on February 19, 2009.