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
TrackBack URL for this entry:
Links to weblogs that reference And now its final final: The SEC adopts IFRS:
1. Posted by Van on December 21, 2007 @ 15:02 | Permalink
Fuck commision (((
2. Posted by Jake on December 24, 2007 @ 15:14 | Permalink
Hopefully the IASB won't turn into an ineffective popularity contest like the UN.
However, not to appear Scrooge-like this Christmas Eve, one must give investors the benefit of the doubt. They surely will comprehend the distinctions between IFRS financial statements and US GAAP financial statements, draw knowledgeable comparisons, and make investment decisions accordingly.
Tell that one to Santa over milk and cookies in the wee hours tonight!