SEC Will Allow Use Of International Accounting Rules

Law360, New York (November 15, 2007, 12:00 AM EST) -- Complying with U.S. securities regulations will get a little easier for foreign companies, now that the U.S. Securities and Exchange Commission has voted to allow non-U.S. firms to submit financial reports using international accounting standards.

At a meeting held on Thursday, regulators voted to approve a proposal that will permit foreign companies to comply with accounting standards set by the International Accounting Standards Board, rather than the U.S.'s Generally Accepted Accounting Principles.

Since the SEC voted to accept the new standard for fiscal years ending anytime...
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