Business Groups express support for IFRS proposal

28 September 2007

Close of the comment period for SEC proposal on the reconciliation agreement between IFRS and U.S. GAAP, many business groups and public companies from the U.S. and
overseas expressed their support for the proposal.

If approved, the rule would allow foreign issuers to file financial statements in IFRS as issued by the International Accounting Standards Board. Many of the comments in support of the proposal said U.S. investors would suffer no harm.

Some respondents recommended that the SEC move slowly before finalizing its proposal. But supporters of ending reconciliation believe that any remaining differences between IFRS and GAAP should not stand in the way of advancing the SEC's proposal.

© Graham Bishop