SEC official comments on IFRS reconciliation

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21 Aug 2007

In a Presentation at an American Bar Association Meeting, John W. White, Director of the Division of Corporation Finance of the US Securities and Exchange Commission, covered a range of issues including International Financial Reporting Standards.

Here is an excerpt:


A couple of matters to note on the release [proposing to allow foreign registrants to use IFRSs without reconciling to US GAAP]: first, the proposal relates solely to IFRS as published by the IASB, the international accounting standard setter in London. While different jurisdictions may have their own versions of IFRS, our acceptance of IFRS would be for the English language version of IFRS as published by the IASB. The second item to note is that the release asks a number of questions, not only with respect to the nuts and bolts but also with respect to the broader issue of whether the various conditions are right to accept IFRS as published by the IASB without a reconciliation – the process of convergence of IFRS and US GAAP, whether IFRS is being faithfully and consistently applied, and various matters relating to the IASB are three important areas of inquiry. The comment period on the proposal closes on September 24, and I encourage all interested parties to provide us with your views.

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