NEW YORK-The International Accounting Standards Board (IASB) welcomed the decision taken by the US Securities and Exchange Commission (SEC) on November 15, 2007 to remove the requirement for non-US companies reporting under International Financial Reporting Standards (IFRSs) as issued by the IASB to reconcile their financial statements to US generally accepted accounting principles (GAAP).
Sir David Tweedie, Chairman of the IASB, pointed out, “We are delighted that the US Securities and Exchange Commission has decided to allow non-US issuers to file under IFRSs without the need for reconciliation to US GAAP."
He added, the IASB remains strongly committed to its joint work with the US Financial Accounting Standards Board set out in the Memorandum of Understanding in February 2006 in order to achieve our goal of providing the world’s integrating capital markets with a common language for financial reporting.”
IASB is committed to developing in the public interest a single set of high quality global accounting standards.
For more information please visit the following website: www.iasb.org