Christmas has come early, according to the Confederation of British Industry, who celebrated the decision of the US regulator to abandon the reconciliation statement for companies listed there.
The long-awaited decision came following a unanimous vote at the Securities and Exchange Commission's Washington head office.
The decision means that foreign companies who report accounts in the US can simply use IFRS and will no longer have to compile a separate set of accounts calculated in accordance with US GAAP.
CBI deputy director-general John Cridland said the move would save companies 'an awful lot of hassle.'
'Having to publish two sets of accounts that essentially say the same thing is clearly a needless duplication, and businesses have been hoping for this move for some time.
'The removal of this bureaucratic layer will allow companies to save time and costs, while maintaining high standards of financial reporting,' he said.
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