The stated goal of the International Financial Reporting Standards (IFRS) Foundation and the International Accounting Standards Board (IASB) is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles. The work of the IASB is divided into development and maintenance projects. Developments are comprehensive projects such as major changes and new IFRSs. Maintenance is narrow scope amendments. In late 2008, the SEC proposed its so-called “roadmap” for a phased-in IFRS adoption, setting forth four milestones that, if met, could lead to wide-scale adoption beginning in 2014. While the anticipated further actions by the US SEC will only directly promote or require IFRS adoption by multinational and other larger, publicly held business entities, and later by even small, publicly held companies, in the longer run, even medium and smaller-sized entities will probably opt for IFRS-based financial reporting.