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The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

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SEC: Let's Increase GAAP Imports
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Posted by: Jack Ciesielski 7/26/2007 3:47 AM
The SEC announced yesterday that it intends to seek comments from US investors on allowing US companies to report in either US GAAP or IFRS accounting standards. There'll be a 90 day comment period once the proposal is released in the Federal Register. (It's not out yet; I'll link when it's available.)

This is on the heels of the Commission's proposal to eliminate the reconciliation between the IFRS reporting and GAAP in filings of foreign registrants. Funny - if you look at the "convergence roadmap" laid out by former chief accountant Don Nicolaisen, the staff was expected to decide "whether and when it is in a position to recommend to the Commission that it eliminate the IFRSs to US GAAP reconciliation requirement" in "2009, or possibly sooner." Sooner it is, it seems. All those reviews of IFRS-to-GAAP reconciliations that were to take place in 2006 and 2007 must have revealed that everything is working just fine in IFRS-land...
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