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  Hello, my name is Dario Tomasello. I study economy and finance in bologna university (ITALY) and i am writing my final dissertation making a comparation between IFRS/IAS and russian GAAP. I am studying russian right now, i started few months ago. Pl Dario Tomasello

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US companies could be producing accounts under international rules in little more than a year, according to detailed plans produced by the Securities and Exchange Commission.

Companies meeting strict criteria could be allowed to “early adopt” by publishing their 2009 accounts under international financial reporting standards, meaning investors will be facing up to the new accounting language from early in 2010. Early adopting groups are likely to include some household names. The changes are part of a long-awaited “road map” by the SEC that lays out the rule changes the switch would require and the milestones to be met before the regulators commit to the change.

The regulator reiterated its support for the project, which would see all the world’s biggest markets using a single accounting system, but left itself the leeway to pull back. The early adopters, for example, would be required to reconcile their new IFRS accounts with US GAAP - the standard generally accepted accounting principles - suggesting that they could flip back to the US system should the project stall. The SEC is due to review progress and finally make up its mind in 2011. “That is not a perfunctory decision”, - said Danita Ostling, a partner at Ernst & Young in the US. - “It’s very clear that their analysis will be all about what is best for the markets at that point in time”.

Milestones include further progress made in converging IFRS and US accounting, meaning the switch will produce less actual change, and improved governance of the International Accounting Standards Board which produces the rules - a point also made by this weekend’s G20 meeting in Washington.

Accountants report that several blue-chip companies are considering the effect of the rules on their companies. Many will already have some experience if they have overseas subsidiaries based in an IFRS-reporting region. If the SEC does go ahead in 2011, managers could face a race to implement the new rules in time.