SEC Eliminates Need For Non-US Issuers To Provide Reconciliation Of Financial Statements To US GAAP

SEC Eliminates Need For Non-US Issuers To Provide Reconciliation Of Financial Statements To US GAAP


By: Valerie Ford Jacob, Daniel J. Bursky, Stuart H. Gelfond, Michael A. Levitt, Paul D. Tropp, Vasiliki B. Tsaganos, Timothy E. Peterson, Karen C. Wiedemann, Sian E. Withey, Francois Hellot, Patrick Jais, Michael Schlitt, Edward T. Kim, Joseph Lee, Victoria S.T. Lloyd, Stephen Mok, Richard A. Steinwurtzel, Joshua Wechsler, Michael Hickman, Anne-Claire Jamart

On December 21, 2007, the Securities and Exchange Commission, or SEC, adopted new rules that will for the first time remove the requirement for non-US companies to reconcile their financial statements to US generally accepted accounting principles, or US GAAP. This change affects the financial statements that non-US companies must include in registration statements to issue new securities and in periodic filings, such as Form 20-F, filed with the SEC. In order to take advantage of this new provision, a non-US company will need to file financial statements that comply with the English language version of International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB.

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