The SEC voted to open up a public comment period for the eventual adoption of the International Financial Reporting Standards (IFRS). It would be used by all companies in the US by 2014 replacing the US GAAP system currently in use. Owing to the global state of the capital markets and the fact that over 100 countries use IFRS already, Chairman Cox calls an international system "a goal worth pursuing." Here's the WSJ with the reaction, including investor concerns. It was a topic that came up at this year's NIRI conference, so IROs seem to be preparing already.
In related SEC news, the commission also voted to update the disclosure requirements for international companies trading in the US. Read that release here.