The SEC requires unfamiliar firms which emanate bonds in the U.S. to determine their monetary statements to U.S. GAAP. However, if they do not emanate emanate securities, they could if they wished yield the matter which reconciles the differences in between IFRS as good as US GAAP.
My question, does this work the alternative approach as well? Do companies which record underneath US GAAP have to determine to the IFRS when they emanate in places such as Europe? A ubiquitous answer will suffice, I assimilate which it will be opposite from nation to country.
Thanks in advance.
{ 1 comment… read it below or add one }
Some non-U.S. companies no longer must reconcile their financials with U.S. GAAP, as long as they use International Financial Reporting Standards. The Securities and Exchange Commission voted unanimously in November 2007 to eliminate the reconciliation requirement immediately.
Since 2005, companies in the European Union were mandated to use IFRS, so you are unlikely to find companies filing in US GAAP in the European Union.