US SEC announces next steps re IFRSs
25 Apr 2007
The United States Securities and Exchange Commission has announced two steps it intends to take relating to the acceptance of International Financial Reporting Standards (IFRSs).
- The Commission plans to issue a Proposing Release this summer requesting comments on proposed changes to the Commission's rules to allow the use of IFRSs in financial reports filed by foreign private issuers registered with the Commission. Foreign private issuers would be given a choice between IFRSs and US GAAP. The proposal would address eliminating the current requirement that IFRS filers include a reconciliation to US GAAP amounts beginning in 2009.
- In addition, the Commission plans a Concept Release relating to issues surrounding the possibility of treating US and foreign issuers similarly in this respect by also providing US issuers the alternative to use IFRSs.
