SEC Chief Accountant comments on IFRS reconciliation

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15 Oct 2004

In his remarks at the IASB meeting with world standard setters on 28 September 2004, US SEC Chief Accountant Donald T.

Nicolaisen commented on IASB-FASB convergence activities and the possibility of eliminating the SEC's requirement that foreign registrants using IFRS also submit a reconciliation of earnings and equity to US GAAP. Click to download Mr. Nicolaisen's Remarks (PDF 53k). An excerpt:

My personal view is that if things continue as they have been going - if the IASB operates as a strong independent standard-setter and continues to develop and issue high quality standards, if the commitment to quality application of IFRS remains, and if good progress is made in accounting convergence and the development of an effective global financial reporting infrastructure - then I believe that the SEC will be able to eliminate our reconciliation requirements. I assure you that I am eager to embrace IFRS because I believe our investors in the U.S. will benefit.

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