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SEC to Propose an End to U.S. GAAP Reconciliation for Foreign Filers That Use IFRS

July 02, 2007

By Scott Saks, Joel Simon and Sarah Whittington

The Securities and Exchange Commission voted unanimously on June 20, 2007 to publish for public comment a proposal to accept, in the filings of foreign private issuers, financial statements prepared in accordance with the English language version of International Financial Reporting Standards (IFRS), as published by the International Accounting Standards Board, without an accompanying reconciliation to generally accepted accounting principles as used in the United States. The move is intended to foster promotion of IFRS as a single set of globally accepted accounting standards.