SEC amends Form 20-F for IFRS adopters
14 Apr 2005
The US Securities and Exchange Commission has adopted amendments to Form 20-F to provide an accommodation to foreign private issuers that change their basis of accounting to IFRSs prior to or for the 2007 financial year.
The amendments also require certain disclosures from all foreign private issuers that adopt IFRSs for the first time during any financial year. The Commission did not, however, change its current requirement for a reconciliation of financial statement items to US generally accepted accounting principles. Click here for (PDF 212k). The (PDF 29k) says that "the Commission is adopting these amendments to promote and encourage the use of IFRSs as a high quality set of accounting standards." The key changes are as follows:
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