Views on IFRS versus US GAAP

The US Securities and Exchange Commission (SEC) is considering accepting financial statements of US companies prepared under International Financial Reporting Standards (IFRS) instead of US GAAP. In August 2007, it issued Concept Release 33-8831: Concept Release on Allowing U.S. Issuers to Prepare Financial Statements in Accordance with International Financial Reporting Standards. The major public accounting firms have expressed their views on the Concept Release (see Deloitte & Touche, Ernst & Young, KPMG and PWC).