SEC Adopts Rules Permitting IFRS Compliance by Foreign Private Issuers Without Reconciliation to U.S. GAAP

The Securities and Exchange Commission (SEC) has adopted new rules to allow foreign private issuers to use financial statements prepared in accordance with the English language version of the International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB) in their filings with the SEC without the requirement to reconcile those financial statements to generally accepted accounting principles used in the United States (U.S. GAAP). The new rules affect financial statements required in annual reports on Form 20-F, Multi-jurisdictional Disclosure System filings by Canadian issuers and any registration statement filed by a foreign private issuer that is a Form 20-F filer.