The SEC published for public comment a proposal to eliminate the current requirement that foreign private issuers filing their financial statements using IFRS as published by the IASB also file a reconciliation of those financial statements to U.S. GAAP.
The proposed amendments would apply to foreign private issuers that file financial statements that comply with the English language version of IFRS as published by the IASB, and allow those issuers to file those financial statements in their annual filings and registration statements without reconciliation to U.S. GAAP.
The comment period extends for 75 days after the proposal is published in the Federal Register.
SEC staff also published a report noting some general observations about the application of IFRS based on staff reviews of annual reports from more than 100 foreign private issuers containing financial statements prepared for the first time using IFRS.
Press release
Proposal
Staff Observations Report
Staff Review Correspondence
© Graham Bishop
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