US SEC will vote on dropping the IFRS reconciliation

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08 Nov 2007

At its public meeting in Washington on Thursday, 15 November 2007, the US Securities and Exchange Commission will vote on whether to allow foreign companies to submit financial statements to the Commission using International Financial Reporting Standards (IFRSs), without reconciling the data to US Generally Accepted Accounting Principles.

The Commission had made this Proposal in July 2007. Here is an excerpt from the Commission's Meeting Notice:

The Commission will consider whether to adopt amendments to Form 20-F, Rules 1-02, 3-10 and 4-01 of Regulation S-X, Forms F-4 and S-4, and Rule 701 under the Securities Act to accept financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board without reconciliation to generally accepted accounting principles as used in the United States when contained in the filings of foreign private issuers with the Commission.


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