CFO.com reports that the SEC has proposed ammendments encouraging companies to switch their accounting to the International Financial Reporting Standards.

The proposed amendments would apply to companies that publish IFRS financial statements for the first time for any financial year beginning no later than January 1, 2007. Any company that adopted IFRS would be required to show how previous disclosures differed from the international standard and how the company reconciled its previous system of accounting to IFRS.