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SEC Proposes to Eliminate Reconciliation Requirement for IFRS Financial Statements
July 19, 2007
The SEC has published for public comment a proposal that would allow foreign private issuers to file their financial statements without reconciliation to U.S. generally accepted accounting principles ("U.S. GAAP"), as currently required by Form 20-F. The relief would only be available to foreign private issuers that file their financial statements in full compliance with the English language version of International Financial Reporting Standards ("IFRS"), as published by the International Accounting Standards Board ("IASB").