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SEC Adopts Accommodations for Foreign Issuers Switching to International Financial Reporting Standards |
May 14, 2006
Previously published on April 21, 2005
Many non-U.S. companies are in the process of switching, or will soon be required to switch, from their home country accounting principles to International Financial Reporting Standards ("IFRS"), as an increasing number of jurisdictions around the world are adopting IFRS as their basis of accounting or incorporating IRFS into their accounting standards. Recognizing that compliance with its existing financial reporting requirements could be difficult and burdensome for these companies during this transitional period, the Securities and Exchange Commission (the "Commission") has adopted amendments to Form 20-F to provide a one-time accommodation for foreign private issuers ("FPIs") that adopt IFRS.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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