SEC asks for comments on eliminating IFRS reconciliation rule
The Securities and Exchange Commission (SEC) has published a proposal to scrap rules for foreigners using International Financial Reporting Standards (IFRS) to file reconciliation documents using US Generally Accepted Accounting Principles (GAAP).
At present, SEC rules state that foreign private issuers must reconcile to US GAAP. But the SEC believes this lessens the US’s attractiveness to foreign companies.
John White, director of the SEC’s division of corporation finance, said: "This proposal to accept financial statements prepared in accordance with IFRS without a US GAAP reconciliation represents another significant action to tailor the regulatory environment for foreign companies in the US public capital markets."
To read the SEC
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