Foreign Private Issuers May Be Permitted to Exclude U.S. GAAP Reconciliation Prior to Effective Date of New Rules
 
January 28, 2008
 

On January 14, 2008, the SEC Division of Corporation Finance advised foreign private issuers to consult with the division staff if they want to omit U.S. Generally Accepted Accounting Principles (GAAP) reconciliation information from their financial statements filed prior to March 4, 2008. On December 21, 2007, the SEC published final rules removing the requirement that foreign private issuers who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), include with their SEC filings a reconciliation to U.S. GAAP. These rules become effective on March 4, 2008. However, the SEC staff does not want to discourage companies from filing their Form 20-F prior to March 4, and consequently is encouraging any foreign private issuer who would otherwise be eligible to take advantage of the new rule to contact the SEC to discuss this issue.

http://www.sec.gov/divisions/corpfin/guidance/cf20fgaap.htm