{"id":4495,"date":"2007-07-10T19:22:40","date_gmt":"2007-07-10T19:22:40","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/07\/latest_in_race_to_the_bottom_b_1"},"modified":"2021-09-20T15:41:41","modified_gmt":"2021-09-20T20:41:41","slug":"latest-in-race-to-the-bottom-b-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/latest-in-race-to-the-bottom-b-1\/","title":{"rendered":"Latest in \u201cRace to the Bottom\u201d by Securities Regulators: Relaxed Accounting Procedures for Foreign Issuers"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission has published a 121-page proposal for dropping the requirement that non-U.S. companies reconcile to the generally accepted accounting principles (GAAP) as required by U.S. firms in financial reports.<\/p>\n

The proposal would apply to foreign private issuers that file financial statements to comply with the English language version of IFRS as published by the International Accounting Standards Board. “The Commission has taken a significant step on this important policy matter that was outlined in the ‘Roadmap’ announced in 2005,” said Conrad Hewitt, the SEC chief accountant.<\/p>\n

“Along with the Commission’s work relating to internal control reporting and deregistration, this proposal to accept financial statements prepared in accordance with IFRS as published by the IASB without a US GAAP reconciliation represents another significant action to tailor the regulatory environment for foreign companies in the U.S. public capital markets,” said John White, director of the SEC’s Division of Corporation Finance.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has published a 121-page proposal for dropping the requirement that non-U.S. companies reconcile to the generally accepted accounting principles (GAAP) as required by U.S. firms in financial reports. The proposal would apply to foreign private issuers that file financial statements to comply with the English language version of IFRS as […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3801,3789],"tags":[],"class_list":["post-4495","post","type-post","status-publish","format-standard","hentry","category-sec","category-stockbroker-regulation"],"yoast_head":"\nLatest in \u201cRace to the Bottom\u201d by Securities Regulators: Relaxed Accounting Procedures for Foreign Issuers — Investor Lawyers Blog — July 10, 2007<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission has published a 121-page proposal for dropping the requirement that non-U.S. companies reconcile to the generally — July 10, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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