SEC looks toward international switch

WASHINGTON, Aug. 27 (UPI) -- The U.S. Securities and Exchange Commission voted unanimously to seek public comment on requiring American companies to switch to international accounting.

The SEC wants to float its trial balloon for 60 days on the plan being considered for 2014, officials said in Washington Wednesday.

The SEC would like to implement the new system on a voluntary basis at some large U.S. multinational firms in 2010, followed by an SEC vote in 2011 on whether to require all U.S. companies to make the switch, The Wall Street Journal said.