US SEC discusses eliminating IFRS to US GAAP reconciliations
25th June 2007 At its regular open meeting last week 20 June 2007, the US Securities and Exchange Commission was considering whether to propose amendments to Form 20-F, to accept financial statements prepared in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board without reconciliation to generally accepted accounting principles as used in the United States when contained in the filings of foreign private issuers with the Commission.
The requirement has long been under discussion as part of US GAAP and IFRS convergence. The meeting also tabled discussions around the possible expansion of its interactive data voluntary reporting program to permit mutual funds to submit as exhibits to their registration statements supplemental tagged (XBRL) information contained in the risk/return summary section of their prospectuses. The risk/return summary section contains key mutual fund information, including investment objectives and strategies, risks, and costs.
