It looks like smaller companies with less than $75m in market cap might be exempt from complying with Section 404(b) of the Sarbanes-Oxley Act of 2002. That is, if the House and Senate approve and it is signed by law by President Obama.

As you may or may not know, Section 404(b) was considered a huge compliance burden (very costly) to public companies. Section 404 required all public companies (large and small) to hire auditors (separate from the ones that handle their accounting) to attest to the effectiveness of their internal controls in financial reporting.

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The original date of June 30, 2011 where FASB and IASB would align/converge major areas of accounting has been extended to the end of 2011. They will still meet the June 2011 date for many "urgently required" projects but some projects will not come until the second half of 2011. The reason for this is to allow more time for due diligence, review and consensus.

Will this delay the U.S. adoption to IFRS? According to Ms. Schapiro, no, it will not; she is confident that the decision to adopt IFRS in the U.S. will be decided by 2011.