As things quiet down for the holidays, the short posts keep coming. The SEC has released the text of the final rule permitting foreign issuers to use foreign accounting standards when selling to US investors. I still say it's a sea change, here's Larry Cunningham with much more insight.
Here's what the SEC said in the preamble of the final rule: "The Commission is adopting rules to accept from foreign private issuers in their filings with the Commission financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) without reconciliation to generally accepted accounting principles (“GAAP”) as used in the United States." HT: Securities Mosaic
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