The Securities and Exchange Commission has issued a final rule on accepting financial statements prepared by foreign companies in accordance with International Financial Reporting Standards without reconciling them with U.S. generally accepted accounting principles.
The SEC noted that it was accepting the statements prepared in accordance with IFRS as issued by the International Accounting Standards Board, which would leave out regional variations such as those approved by the European Union. The SEC said, "Current requirements regarding the reconciliation to U.S. GAAP do not change for a foreign private issuer that files its financial statements with the commission using a basis of accounting other than IFRS as issued by the IASB."
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