The Securities and Exchange Commission has published its long-delayed roadmap for the transition from U.S. generally accepted accounting principles to International Financial Reporting Standards. What effect will this have on SAS70 standard?
The roadmap was originally announced in August, but had been delayed by the global financial crisis. It aims to move U.S. companies from U.S. GAAP to International Financial Reporting Standards, with most large companies making the transition in 2014. However, the 20 largest U.S. companies in a given industry according to market capitalization can begin transitioning in 2010 for their financial statements beginning after Dec. 15, 2009. Will this effect yourSAS 70 audit? email@example.com