Following up on its roundtable last month, the
SEC announced a series of actions it intends to take relating to the acceptance of financial reporting in
IFRS as published by the IASB.
The Commission anticipates issuing a Proposing Release this summer that will request comments on proposed changes to the Commission’s rules which would allow the use of IFRS in financial reports filed by foreign private issuers that are registered with the Commission.
The approach in the proposed rule would be to give foreign private issuers a choice between IFRS and U.S. GAAP. In addition, the Commission plans a Concept Release relating to issues surrounding the possibility of treating U.S. and foreign issuers similarly in this respect by also providing U.S. issuers the alternative to use IFRS. Comments on both would be due in the fall.
Press release (PDF)
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© IASB - International Accounting Standards Board
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