The Securities and Exchange Commission took its first step toward embracing international accounting standards for all companies that file financial reports in the U.S.
The SEC yesterday voted unanimously to propose allowing companies based outside the U.S. to file financial results using international financial reporting standards, or IFRS, as set by the International Accounting Standards Board -- without reconciling the figures to U.S. generally accepted accounting principles, or GAAP, and highlighting the differences, as is now required.
Regulators hope the move will attract more stock listings to U.S. exchanges and may mark the beginning of the end of GAAP.
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