Heads Up newsletter on SEC recognition of IFRSs

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14 May 2007

We have posted the 14 May 2007 Edition of the Heads Up Newsletter published by Deloitte & Touche LLP (United States).

The newsletter, titled Hands Across the Ocean, discusses expected SEC actions that are likely to increase the use of IFRSs in the United States by both foreign and domestic SEC registrants. An excerpt:

A recent flurry of activity by the SEC has made it almost certain that the reconciliation requirement will be eliminated – a wake-up call for many involved in financial reporting, including foreign and domestic companies, analysts, standard setters and accountants. Of greater relevance to US companies, the SEC is considering letting US issuers use either IFRSs or US GAAP....

The United States would be following the example of the many other countries that have already accepted IFRSs.

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