SEC staff comments on dropping IFRS-US GAAP reconciliation

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26 Nov 2007

As we reported in our News Story of 16 Nov 2007, on 15 November 2007 the US Securities and Exchange Commission approved a proposal that foreign companies may submit financial statements to the Commission using IFRSs as adopted by the IASB without having to include a reconciliation of the IFRS data to US GAAP.

The SEC has made available the remarks of three staff that were made at the meeting recommending that the Commission approve the proposal: Also, our New Story of 20 Nov 2007 includes a link to a video cast of SEC Chairman Cox's opening remarks on dropping the reconciliation.


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