The Securities and Exchange Commission is expected to drop the requirement for foreign companies that list on exchanges in the U.S. to reconcile their financial results to U.S. generally accepted accounting principles.

Conrad Hewitt, chief accountant of the SEC, and John White, head of the division of corporate finance at the SEC, told attendees at a Financial Executives International conference that the SEC would accept statements that conformed to the International Accounting Standards Board's version of International Financial Reporting Standards, but not to the exceptions approved by the European Union.

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