SEC OKs plan that could lead to global accounting rules

0 Comments | USA TODAY, August, 2008 | by Edward Iwata

Securities regulators on Wednesday gave the go-ahead to a plan that could require thousands of U.S. companies to change from U.S. accounting standards to global accounting rules that are quickly gaining favor abroad.

The Securities and Exchange Commission unanimously approved a "road map" that might require large companies to adopt international standards by 2014, midsize corporations by 2015 and small businesses by 2016. Some large firms might voluntarily adopt the international rules even sooner.

SEC Chairman Christopher Cox noted at the commission's meeting that "the language of business and finance" is rapidly converging. More than 100 countries and the European Union have adopted or plan to embrace international standards, he said.

"One of the...