SEC may give green light to taxonomy for U.S. IFRS filers

04/1/2014 | Compliance Week

The Securities and Exchange Commission has reviewed the latest version of the International Financial Reporting Standards taxonomy, which would allow companies that have adopted the International Financial Reporting Standards to submit their financial statements in XBRL. While the agency has not yet commented on whether the modifications will meet its approval, Mike Starr, director of strategic initiatives at Webfilings and a former deputy chief accountant at the SEC, said he thought that the current version adequately addressed the agency's concerns.

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