The SEC is getting closer to recognizing International Financial Reporting Standards, a move that will cut costs for foreign companies that list in the U.S. Currently such companies may prepare regulatory filings based on IFRS, but have to reconcile their results with the U.S. generally accepted accounting principles. On March 6, the SEC will hold a roundtable on its so-called IFRS road map, which SEC Chairman Christopher Cox said will help "identify both opportunities and speed bumps along the way."
February 16, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Securities and Exchange Commission is getting closer toward recognizing International Financial Reporting Standards, a move that will cut costs for foreign companies that list in the U.S.
Foreign firms now are permitted to prepare regulatory filings using IFRS but must reconcile their results with U.S. generally accepted accounting principles. According to the SEC, convergence with IFRS would eventually eliminate the need for costly reconciliation with GAAP.
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