Exploring Corporate Governance Around the World

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

Friday, July 27, 2007

SEC Solicits Public Comments on IFRS Use by U.S. Issuers

Yesterday, the SEC voted unanimously to publish a Concept Release seeking public comment on allowing U.S. issuers to use International Financial Reporting Standards. This would be change from current requirements mandating that U.S. issuers prepare their financials using U.S. GAAP. According to a statement by SEC chairman Christopher Cox, almost 100 countries either require or allow the use of IFRS.

The SEC's press release is available at http://www.sec.gov/news/press/2007/2007-145.htm.

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