The Securities and Exchange Commission has extended the comment period on its proposed roadmap for the potential use of International Financial Reporting Standards by U.S. issuers.

The original comment period was scheduled to end on Feb. 19. In response to commenters, the SEC is extending the comment period for 60 days until April 20.

The proposing release was published in the Federal Register on Nov. 21, 2008.

Those calling for the comment period to be extended include Northrop Grumman Corp., Raytheon Co., Honeywell, the Aerospace Industries Association, United Technologies Corp., and Financial Executives International.

The proposed roadmap sets forth milestones that, if achieved, could lead to the required use of IFRS as issued by the International Accounting Standards Board by U.S. issuers by 2014.

SEC chairwoman Mary Schapiro expressed concerns about the current proposal during her confirmation hearing, including the independence of IASB and the cost of switching to IFRS.

“I’ll look at this entire area carefully and will not necessarily feel bound by the existing roadmap that’s out for comment,” she told Senate lawmakers.