The SEC approved rule amendments under which financial statements from foreign private issuers in the U.S. will be accepted without reconciliation to U.S. GAAP only if they are prepared using IFRS as issued by the IASB. The purpose is to encourage the development of IFRS as a uniform global standard, not a divergent set of standards applied differently in every nation, the SEC says.
SEC Chairman Cox also announced that the SEC will convene two roundtables, on December 13 and December 17, to collect more feedback from the public on the issue of giving U.S. domestic issuers the same option that foreign issuers have in our markets to use either IFRS or U.S. GAAP.
The rule amendments will take effect 60 days after they are published in the Federal Register and apply to financial statements covering years ended after Nov. 15, 2007.
Press release
© Graham Bishop
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