Tag Archives: International Financial Reporting Standards

SEC to FPI: Carry On, But Perhaps For Not Much Longer

As reported by Accounting Today, the SEC is continuing to advise foreign private issuers (FPIs) that no suitable IFRS taxonomy exists which they could use in their XBRL, therefore they continue to be exempt from the need to file. Contrary to the Accounting Today headline, this is not a change. It has always been the case that a suitable base taxonomy for whatever accounting principles a company uses must exist and be approved by the SEC, such approval being signalled by being listed on the approved taxonomies page.

But there is a new exposure draft of the core IFRS taxonomy, is that a step forward?

Continue reading SEC to FPI: Carry On, But Perhaps For Not Much Longer

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