Friday, November 16, 2007

SEC eliminates US GAAP reconciliation requirement

On November 15, 2007, the US Securities & Exchange Commission (SEC) unanimously approved amendments to its rules and forms that will eliminate the requirement for foreign private issuers using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) to reconcile their financial statements to US GAAP. The SEC will convene two roundtables, on December 13 and December 17, to collect more feedback from the public on the issue of giving US domestic issuers the same option that foreign issuers have - to use either IFRS or US GAAP. (View the SEC Press Release and the IASB Press Release.)