Printer Friendly

SEC encourages IFRS use.

To promote international financial reporting standards (IFRSs), the SEC amended Form 20-F, granting a one-time exception to SEC-registered foreign private issuers that adopt IFRSs for the first time prior to or for financial year 2007 (www.sec.gov/rules/final/33-8567.pdf; www.sec.gov/about/forms/form20-f.pdf). The change, which took effect May 20, 2005, permits such entities to file with the SEC two--rather than the previously required three--years of statements of income, changes in shareholder equity and cash flows.

This accommodation reflects the commission's support of the IFRSs, which numerous foreign governments, including the European Union, are adopting. As a result, many foreign companies must change their basis of accounting and file Form 20-E The accommodation retains current requirements for reconciling financial statement items to U.S. GAAP.
COPYRIGHT 2005 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Highlights
Publication:Journal of Accountancy
Date:Jun 1, 2005
Words:131
Previous Article:Streamlining of guidance continues.
Next Article:FASB 123R is good news.


Related Articles
International Financial Accounting Standards: Now The Hard Work Begins.
Converging on the language of financial reporting. (Global Views).
Global views.
Financial reporting goes global; international standards affect U.S. companies and GAAP.
Convergence: hurdles remain; With convergence a necessity in a global economy, it is likely to be some time before all are 'singing from the same...
In search of a new financial order: one global standard for financial reporting makes sense.
SEC extends SOX deadline for foreign companies.
EU, U.S. set standards roadmap.
The International Accounting Standards Board issued an amendment to the fair value option in International Accounting Standard (IAS) 39, Financial...
The brave new world of IFRS: IFRS have been widely accepted, and are expected to enhance international financial reporting transparency,...

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters