Exploring Corporate Governance Around the World

By Allison Garrett, Senior Vice President for Academic Affairs at Oklahoma Christian University

Thursday, February 09, 2006

International Financial Reporting

The SEC issued a press release today announcing a commitment with the EU Internal Markets Commission to eliminate reconciliation between International Financial Reporting Standards and US GAAP. The SEC says it will not insist on any particular level of convergence of the two sets of standards. Cooperative work between the SEC and the EU in the coming year should provide additional guidance for foreign issuers.

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