We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

SEC's Acceptance Of IFRS: A Significant Step

Law360 (November 27, 2007, 12:00 AM EST) -- In a significant step towards convergence of globally accepted accounting standards, the Securities and Exchange Commission (“SEC”) has voted to adopt rules to enable “foreign private issuers” to provide financial statements based upon International Financial Reporting Standards (“IFRS”) without reconciliation to U.S. Generally Accepted Accounting Principles (“GAAP”).

While immediately impacting many foreign public companies, the new position by the SEC signals a changing landscape for U.S. domestic public companies as well.


For more than four decades, foreign private issuers conducting registered U.S. offerings or registering...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.