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A view on why companies want IFRSs

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05 Aug 2003

In an article titled "The FASB and the Capital Markets" in The FASB Report (posted on FASB's Website), former FASB Board member John M.

"Neel" Foster discusses the importance of neutral financial reporting to the efficient functioning of capital markets. Regarding IFRS, Mr. Foster states:

Another indication of the importance of credible financial information can be found in the recent call for a single set of international accounting standards that could be used by everyone to raise capital in any country without reconciliation to U.S. generally accepted accounting principles (GAAP). Much of the clamor has occurred outside the U.S., and the reason this issue is so important to offshore companies is that they want to raise capital in the U.S., but some do not want to have to file under GAAP and other SEC disclosure requirements.

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