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SEC Adopts Rule Change Regarding Foreign Issuers

Law360 (January 4, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has formally published the accounting standards rule change voted on in November, paving the way for foreign private issuers to file reports with the agency using international accounting standards.

The final draft of the amended rule, published on Friday, states that the SEC will now accept the use of International Financial Reporting Standards rather than mandating the use of the U.S.'s Generally Accepted Accounting Principles.

Previously, foreign companies looking to list on U.S. exchanges would have to reconcile their financial...
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