More NewsIASB Welcomes US SEC Proposal to Allow IFRS Without Reconciliation

IASB Welcomes US SEC Proposal to Allow IFRS Without Reconciliation

The International Accounting Standards Board (IASB) has welcomed the decision of the US Securities and Exchange Commission (SEC) to propose allowing non-US companies to file financial results according to International Financial Reporting Standards (IFRS) as approved by the IASB. The change would permit non-US companies to access US capital markets without reconciliation with US generally accepted accounting principles (GAAP) by 2009. The SEC emphasised that this proposal applies only to those companies filing financial statements according to full IFRS. The SEC’s decision reflects the increasing acceptance of IFRS as a widely used and high quality financial reporting language. It also proves the significant progress that has been made in the convergence process between the IASB and the US Financial Accounting Standards Board (FASB).

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha