On the heels of its financial reporting roundtable last month, the Securities and Exchange Commission said it may allow U.S. filers to choose what standards they want to use to report their financials.

This summer, the regulator will put forth a request for comments on proposed changes to the commission's rules that would allow the use of International Financial Reporting Standards for reports filed by foreign issuers, in lieu of U.S. generally accepted accounting principles.

Currently, foreign companies that file with the SEC must reconcile their results to U.S. GAAP.

It also plans a Concept Release, that would raise the possibility of providing U.S. companies a choice between GAAP and IFRS.

Comments on both would be due in the fall.

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