U.S. GAAP & IFRS

The SEC is proposing that firms use International Financial Reporting Standards (IFRS) by 2014 (or sooner): http://online.wsj.com/article/SB121985665095476825.html?mod=hpp_us_whats_news.

You can see the video of this morning's open meeting at: http://www.sec.gov/news/press/2008/2008-184.htm .

For more on IFRS, check out the IASB web site: http://www.iasb.org/Home.htm