This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

SEC Chairman comments on dropping IFRS reconciliation

  • SEC (old) Image

13 Nov 2007

In his Remarks at the IOSCO Technical Committee Conference in Tokyo last week, US SEC Chairman Christopher Cox commented on several IFRS issues, including the possibility of eliminating the requirement that foreign registrants using IFRSs reconcile equity and earnings to US GAAP amounts.

An excerpt:

Of course, no regulatory standard is perfect; and international standards are no exception. But often the value of a universal language outweighs the potential cost and confusion from many different standards – even though each may have its own reasonable claim to superiority. It is for just this reason that the SEC is getting ready next week to consider a final rule that would allow issuers who use International Financial Reporting Standards in their home countries to also use IFRSs in their filings with the SEC, without any longer having to reconcile that to US Generally Accepted Accounting Principles*. And it's why we're considering the concept of offering that same option to US domestic issuers. Our long standing support for international regulatory harmonization was also the reason that, seven years ago, the SEC conformed our prospectus disclosure requirements for foreign issuers to IOSCO's International Disclosure Standards.

*See IAS Plus news story of 8 November 2007.

Click to view Remarks at the IOSCO Technical Committee Conference (PDF 63k).

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.