The Securities Exchange Commission has just issued Release No. 33-8831, Concept Release on Allowing U.S. Issuers to Prepare Financial Statements in Accordance with International Financial Reporting Standards (IFRS). The Commission is publishing the Concept Paper to obtain “information about the extent and nature of the public’s interest” in allowing U.S. issuers to prepare financial statements in accordance with IFRS (published by the International Accounting Standards Board) for purposes of complying with SEC rules and regulations. At present, U.S. issuers prepare their financial statements in accordance with U.S. GAAP (generally accepted accounting principles), as regulated by the Financial Accounting Standards Board.
A copy of the Concept Release is available here. There are also instructions on how to submit comments, and links to review comments as they come in. All submissions will be made public and are due by November 13, 2007.
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