Corporations outside the United States that use international accounting standards will no longer be required to adjust their financial statements to comply with American accounting rules, the Securities and Exchange Commission decided today.
The move, which had been sought by European companies, clears the way for accounting standards approved by the London-based International Accounting Standards Board to be used in most parts of the world and makes it more likely that those rules will eventually become the primary rules everywhere.
For now, American companies will still have to follow the Generally Accepted Accounting Principles promulgated by the Financial Accounting Standards Board.
See full Article.
Posts
