The SEC’s new rule eliminating US GAAP reconciliation for foreign private issuers that prepare IFRS financial statements will make it easier for eligible companies to prepare annual reports on Form 20-F and registration statements. Companies that wish to use the new rule, which becomes effective on March 4, will need to do some advance planning to make sure that they comply fully with the rule’s requirements. The attached alert memo contains a practical guide to the use of the new rule for the 2007 financial reporting season and for the future.
