The Washington Post
SEC Votes to Ease Requirement
The Securities and Exchange Commission tentatively agreed to ease an accounting requirement for foreign companies with U.S.-traded shares, opening the way for a related change that would allow all public companies, when reporting financial results, to choose between international and U.S. accounting standards.
The commissioners voted 5 to 0 to propose eliminating a requirement that foreign companies “reconcile” their financial results with U.S. standards. The change, which awaits formal adoption after a 75-day public comment period, would apply to 2008 annual reports.