The SEC lifted the requirement for foreign companies that have used IFRS as the basis for preparing their financial statements that to be eligible to list their shares in U S stock exchanges, they should reconcile their financial statements using U S GAAP Required Discuss the possible reasons for t...

In November 2007 the SEC removed the requirement that forei ...

The SEC lifted the requirement for foreign companies that have used IFRS as the basis for preparing

Question:

The SEC lifted the requirement for foreign companies that have used IFRS as the basis for preparing their that to be eligible to list their shares in U.S. stock exchanges, they should reconcile their using U.S. GAAP.
Required:
Discuss the possible reasons for this relaxation of rules.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...