The Securities and Exchange Commission has decided it will consider requests from foreign private issuers that want to start filing their financial statements without reconciliation to U.S. accounting principles immediately, before a new rule allowing as much formally takes effect later this year.
In December, the SEC adopted a rule to accept filings from FPIs without reconciliation to U.S. Generally Accepted Accounting Principles if they adhere to International Financial Reporting Standards as issued by the International Accounting Standards Board. That rule takes effect March 4, 2008.
