Benefits for Australia in EC-SEC agreement

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14 May 2005

The Australian Securities & Investments Commission (ASIC) has expressed support for the agreement between the US Securities and Exchange Commission (SEC) and the European Commission on a 'roadmap' toward eliminating the current SEC reconciliation between IFRSs and US GAAP.

ASIC sees this as beneficial for Australia because Australian companies listed in the United States would no longer have to prepare the reconciliation. Further, since Australia has adopted IFRS equivalents, "it will also encourage US investment in the Australian capital market and facilitate Australian companies access to US finance if IFRS and US GAAP financial reports are determined to be convergent and provide comparable high quality financial reporting. Click for (PDF 44k).


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