GAAP vs. IFRS: SEC weighs in.

• Position: SEC News

The SEC approved rule amendments under which financial statements from foreign private issuers in the United States will be accepted without reconciliation to U.S. GAAP only if they are prepared using International Financial Reporting Standards as issued by the International Accounting Standards Board. The purpose of the requirement to use the IASB-approved version is to encourage the development of IFRS as a uniform global standard.

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