This advisory discusses the Securities and Exchange Commission (SEC) three-to-two vote to adopt new rules regulating short selling. The new rules will significantly alter current short-selling practices. In addition, the SEC voted unanimously to reiterate its continuing support for the convergence of U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
The advisory is provided in PDF on the Alston & Bird web site: http://www.alston.com/securities_shortselling
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This Securities Law Alert discusses the Securities and Exchange Commission’s (SEC) unanimous vote yesterday to publish for public comment a Roadmap that could potentially phase out the application of United States Generally Accepted Accounting Principles (GAAP) by U.S. issuers, beginning in the year 2014, and instead mandate the application of International Financial Reporting Standards (IFRS) for financial reporting.
The advisory is provided in PDF on the Alston & Bird web site: http://www.alston.com/securities_law_roadmap
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This advisory discusses a recent roundtable discussion, hosted by the Securities and Exchange Commission (SEC), on the performance of International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (U.S. GAAP) during the present subprime crisis. The roundtable participants represented a cross section of investors, issuers, auditors and other market participants, in both the United States and the European markets, with experience in considering and/or evaluating company financial statements prepared in accordance with IFRS or U.S. GAAP, as well as special observers from the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).
The advisory is provided in PDF on the Alston & Bird web site: http://www.alston.com/seclaw_advisory_SEC_discussion_IFRS
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At an open meeting on November 15, 2007, the SEC approved amendments that will allow foreign private issuers to submit periodic reports or registration statements to the SEC that contain financial statements prepared in accordance with IFRS without reconciliation to generally accepted accounting principles as used in the United States.
The advisory is provided in PDF on the Alston & Bird Web site: http://www.alston.com/securities_advisory_ifrs
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