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SEC Proposal To Harmonize Filing Standards For Foreign Companies Sparks Debate

Law360 (October 24, 2005, 12:00 AM EDT) -- As the Security and Exchange Commission seeks to attract investment from other countries and to help foster a more globalized investment community, the question of the proper application of securities standards and regulation has critics and supporters facing off.

While both sides agree that increased foreign investment would benefit U.S. markets, the question of whether to require compliance with U.S. Generally Accepted Accounting Principles remains contested.

The SEC has recently proposed a harmonization of GAAP and International Financial Reporting Standards, its current requirement for foreign companies...
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