Swift convergence of IFRS and GAAP needed
WASHINGTON, DC – The number of foreign private issuers who use International Financial Reporting Standards (IFRS) to prepare their financial statements will reach 400 by 2007, making swift convergence of the IFRS and the US GAAP a top priority, says Donald Nicolaisen, the chief accountant of the US Securities and Exchange Commission (SEC).
Currently, only 40 of the 1,200 foreign private issuers that file with the SEC use IFRS to prepare financial statements for American investors.
In an SEC statement released in late April, Nicolaisen says because a critical mass of SEC filings will soon contain financial statements prepared under IFRS, the SEC staff will consider possible changes to financial statement filing requirements.
He says
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