Financial Services Industry
Industry: Email Alert RSS FeedGAAP vs. IFRS: SEC weighs in
California CPA, Jan-Feb, 2008
The SEC approved rule amendments under which financial statements from foreign private issuers in the United States will be accepted without reconciliation to U.S. GAAP only if they are prepared using International Financial Reporting Standards as issued by the International Accounting Standards Board. The purpose of the requirement to use the IASB-approved version is to encourage the development of IFRS as a uniform global standard.
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The rule amendments will take effect 60 days after they are published in the Federal Register and apply to financial statements covering years ended after Nov. 15, 2007.
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Read more at http://sec.gov/news/press/2007/2007-235.htm.>
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