The SEC announced that it would accept financial statements from private issuers without reconciliation to U S GAAP if they are prepared using IFRS, as issued by the International Accounting Standards Board Comment on possible problems with this position ...

The American Accounting Association Committee on Financial Reporting Policy concluded that eliminati ...

The SEC announced that it would accept financial statements from private issuers without reconciliation to U.S. GAAP

Question:

The SEC announced that it would accept from private issuers without reconciliation to U.S. if they are prepared using IFRS, as issued by the International Accounting Standards Board. Comment on possible problems with this position.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...