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SEC Chief Accountant comments on reconciliation

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11 Feb 2007

In remarks at a recent conference, US SEC Chief Accountant Conrad W. Hewitt commented on the goal of eliminating the US GAAP reconciliation requirement for IFRS filers by '2009 or possibly sooner'.

Click for Mr Hewitt's Remarks (PDF 66k). An excerpt:

International convergence is another ongoing major project for us, and we are monitoring very closely what is commonly referred to as the 'Roadmap', which my predecessor laid out. The Roadmap sets forth the milestones toward eliminating the need for the US GAAP reconciliation requirement for foreign issuers who list in the US capital markets and who prepare financial statements using International Financial Reporting Standards ('IFRS') by 2009 or possibly sooner. The SEC staff continues to review foreign registrants' IFRS filings to help us better understand the differences and application of IFRS.

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