SEC poised to accept IFRS from foreign-based plcs
SEC proposal major step towards accepting IFRS statements
SEC proposal major step towards accepting IFRS statements
A new SEC proposal has paved the way for
foreign public companies listed in the US to choose international accounting
standards or US rules when filing data with the regulator .
The SEC proposal sets the stage for foreign companies listed in the US to
issue their financial reports using the English version
of
International Financial Reporting Standards (IFRS) instead of
US Generally Accepted
Accounting Principles, or GAAP.
Its all part of the SEC’s goal of eliminating the requirement that foreign
companies reconcile their financial statements to US GAAP by 2009. It also
brings the US closer to other major financial centers that have embraced
international reporting standards.
‘Global accounting standards would allow investors to draw better and more
accurate comparisons among issuers around the world,’ said SEC chairman
Christopher Cox.
Further reading:
US edges closer to standard harmony
PCAOB issues principles-based Sarbox tonic
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW cited managing insurance costs, firms struggling to obtain coverage, assessing risk-taking capacity, and evolved firm structures as drivers ...
View articleThe IESBA emphasizes the importance of timely and global adoption of their standards. For corporate accountants, this means staying updated with chang...
View articleKPMG's faces record fine for a widespread exam cheating scandal, implicating senior staff and highlighting systemic ethical issues in the professional...
View articlePwC's Australia tax scandal has led to significant changes, including over 300 job cuts and the refusal to share a crucial report with Australian parl...
View articleAccountants and accounting firms play a crucial role in maintaining financial integrity, facing ethical dilemmas and regulatory challenges. Adherence ...
View articleThe creation of an effective sustainability standards infrastructure requires not only high-quality sustainability reporting and assurance standards, ...
View articleChanges will help to make accounting profession more attractive, ICAEW boss says Read More...
View article38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...
View article