SEC Meets for Potential Transition to IFRS

The Securities and Exchange Commission plans to meet Wednesday to plan transition procedures for converging U.S. financial standards to IFRS (International Financial Reporting Standards). SEC Chairman Christopher Cox says that the product of this meeting will be one step in a long journey and that some companies may be allowed to adopt the transition rules and converge with IFRS early.

It will be interesting to see what the SEC's product is from Wednesday's meeting and also to see the comments from businesses and the financial community.