SEC complains about IFRS reconciliations

The US Securities & Exchange Commission (SEC) is not impressed by the IFRS statements it has received from foreign issuers as part of the reconciliation roadmap. Under the current rules, foreign private issuers in the US reconcile their financial statements to US GAAP. The roadmap was agreed in 2005 to set out a path towards eliminating this requirement for non-US companies using IFRS issued by the International Accounting Standards Board (IASB).