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ICAI Applauds SEC Decision On IFRS

by Jason Gorringe, Tax-News.com, London

19 November 2007


The Institute of Chartered Accountants in Ireland (ICAI) has welcomed the decision by the US Securities and Exchange Commission (SEC) to remove the requirement for non-US companies reporting under International Financial Reporting Standards (IFRS) - as issued by the IASB - to reconcile their financial statements to US Generally Accepted Accounting Principles (GAAP).

The move has been welcomed by the European Commission, and follows a work programme agreed between the Commission and the SEC.

Commenting, ICAI Director of Technical Policy, Aidan Lambe, announced that: "This will be a welcome development for those Irish companies who are listed in the United States. It also a landmark in the development of truly global accounting standards."

He continued: "The decision by the SEC to endorse standards as published by the International Accounting Standards Board should prove an incentive to the European Union to accept those standards without modification. Recently the SEC and the Commission agreed with their Japanese counterparts to review the operation of the International Accounting Standards Committee Foundation."


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