Originally appeared in MiFID Monitor
XBRL International has publicly announced its support for the US Securities and Exchange Commission’s (SEC) proposed roadmap for the introduction of International Financial Reporting Standards (IFRS) for US companies, which was published on 14 November. The roadmap sets forth several milestones with a view to the introduction of IFRS, as issued by the International Accounting Standards Board (IASB), by US issuers in 2014.
The SEC roadmap will move the US into line with international accounting standards, as more than 100 other countries have already adopted the IFRS framework. Anthony Fragnito, CEO of XBRL International, explains: “In today’s borderless business environment the interests of investors would be better served by global frameworks for financial and non-financial reporting. These frameworks include IFRS for financial reporting, as well as complementary frameworks for sustainability, KPIs, governance, risk and compliance, among others.”