Our lawyers provide innovative and practical counsel on a wide variety of capital raising and securities law compliance matters. We represent clients ranging from emerging private companies to established public companies. With each, we build long-term relationships, generating efficiencies and helping them realize their business goals.
SEC Agrees to Accept IFRS Financial Statements of Foreign Private Issuers
January 8, 2008 Full PDF
In July 2007, the SEC published for public comment a proposal that would allow foreign private issuers to include in their SEC filings financial statements without reconciliation to U.S. generally accepted accounting principles ("U.S. GAAP"). On November 15, 2007, the SEC approved the rule changes and, on December 21, it posted the final promulgating release. Under the new rules, foreign private issuers will be permitted to include in their SEC filings financial statements without reconciliation to U.S. GAAP if such financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The rules that require reconciliation of financial statements to U.S. GAAP will still apply to foreign private issuers that file financials statements using a basis of accounting other than IFRS as issued by the IASB.