November 14, 2008 - Leaders agree on common principles to guide financial market reform. Included in their declarations are goals that will strengthen transparency and accountability. Global accounting standards bodies should work to enhance guidance on valuation of securities, especially during times of stress. With a view toward promoting financial stability, the governance of the international accounting standard setting body should be enhanced, including a review of its membership, to ensure accountability and an appropriate relationship between this independent body and relevant authorities. The declarations from the meeting also stress that key global accounting standards bodies should work intensively toward the objective of creating a single high-quality global standard.

November 14, 2008 – The Securities and Exchange Commission released its proposed roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards by U.S. issuers. The roadmap sets several milestones that, if achieved, could lead to the required use of IFRS by U.S. Issuers in 2014. Comments should be received on or before 90 days following publication in the Federal Register.

November 17, 2008 – Sir David Tweedie, chairman of the International Financial Accounting Standards Board, welcomed actions by authorities in Mexico, Canada and United States regarding adoption of International Financial Standards.

November 18, 2008 - In a speech at a conference conducted by Financial Executives International, SEC Chairman Christopher Cox says that "two thirds of American investors own securities of foreign companies". He states, "Whatever the future of IFRS for U.S. issuers, retail and institutional investors alike in our country are relying upon IFRS today". The answer to the question as to whether IFRS will serve as the single set of high-quality, global accounting standards depends on "how quickly both the accounting standards and the processes by which they are established and developed can be globally recognized as world-class."

The Journal of Accountancy hosted a virtual round table with eight academics to discuss how IFRS is affecting accounting education. The round table participants discussed how IFRS is being integrated into course work and shared their thoughts on how the international standards might affect the business curriculum in the future.

SEC action convinces CPAs that switch to IFRS is coming. The AICPA releases results of a new survey that shows a significant and positive shift in the number of firms and companies that are starting to prepare for eventual adoption of International Financial Reporting Standards.