In a move likely to be cheered by foreign issuers, the Securities and Exchange Commission has forged ahead with plans to accept financial statements prepared in accordance with International Financial Reporting Standards without requiring those issuers to prepare a reconciliation to U.S. Generally Accepted Accounting Principles.
Cox
SEC commissioners voted June 20 to propose amendments to the agency’s rules and forms to accept IFRS filings without a GAAP reconciliation—a move chairman Christopher Cox called “a significant next step on the road to a single set of globally accepted accounting standards.”
The proposal ties in to a broader effort by regulators to move ...