US SEC mulls 2014 for international accounting rules

WASHINGTON Aug 27 (Reuters) - U.S. companies could be required to use international accounting standards by 2014 under a tentative timeline proposed by the U.S. Securities and Exchange Commission on Wednesday.

The SEC voted unanimously to establish a path that could eventually force U.S. companies to use the international accounting rules instead of U.S. Generally Accepted Accounting Principles.

The proposal, which will be open for a 60-day comment period, brings the United States a step closer to the European Union and dozens of other countries that are already using international financial reporting standards (IFRS).

In order to ensure that the international rules meet the SEC's standards, the agency set 2011 as a date to evaluate critical milestones and decide on mandating IFRS. (Reporting by Rachelle Younglai; Editing by Brian Moss)