Covers SEC and FASB rules for financial reporting by foreign public issuers 

Spotlight On: IFRS "Roadmap"  SEC website

• Proposed rulemaking, roundtable documents, press releases, staff review if IFRS statements, speeches and testimony
• Spotlight webpage

SEC proposal release 33-8818

Staff testimony

• Globally Accepted Accounting Standards  10.24.07

FASB/FAF response

• Letter to SEC  11.07.07

SEC Open Meeting  11.15.07 

• Commission approved final rule amendments under which financial statements from foreign private issuers in the U.S. will be accepted without reconciliation to U.S. GAAP only if they are prepared using IFRS as issued by the IASB
• See also SEC Open Meeting

Commentary

• Fund for Stockowners' Rights  11.28.07

S-X 3-20  Currency for Foreign Private Issuers

S-X 4-01(a)(2)  Financial statements required

S-X 1-02(l)  Foreign business defined

Reconciliation for business combinations by FPIs

• Final release 33-7119  1994

Financial statements of foreign equity investees / acquired foreign businesses

• Final release 33-7118  1994

Re: FPIs with operations in a hyperinflationary economy

• Final release 33-7117  1994

International disclosure standards

• Final release 33-7745  1999

First-Time Application of IFRS

• Final release 33-8567  2005

FASB 52  1981

• Foreign Currency Translation
• Supercedes FASB 1, 8 and 20
• FASB summary
• FASB status
• see Emerging Issues Task Force (EITF) D-55
  re: determining cumulative inflation rate

FIN 37  1983

First-Time Application of IFRS

• Final release 33-8567  2005

• Proposal release 33-8397  2004
• Correction  2004

• SEC disclosure issues summary  12.01.05

• Commentary

• Wachell Lipton  2004

Staff Comments

• On annual reports containing financials prepared for first time on basis of IFRS   updated 7.17.07

Developments

• SEC has published a proposal to eliminate current requirement that FPIs using IFRS as published by the International Accounting Standards Board (IASB) also file a reconciliation of those financial statements to U.S. GAAP
• Speech by SEC Staff  6.20.07
• See Developments above

International Reporting and Disclosure Issues

• SEC FAQs  2004

Foreign Private Issuers

Accounting Issues

Segment Reporting

IASB Convergence

Inflation