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Securities and Exchange Commission Friday, January 4, 2008 Part III Securities and Exchange Commission 17 CFR Parts 210, 230, 239 and 249 Acceptance From Foreign Private Issuers of Financial Statements Prepared in Accordance With International Financial Reporting Standards Without Reconciliation to U.S. GAAP; Final Rule VerDate Aug<31>2005 17:32 Jan 03, 2008 Jkt 214001 PO 00000 Frm 00001 Fmt 4717 Sfmt 4717 E:\FR\FM\04JAR3.SGM 04JAR3 rwilkins on PROD1PC63 with RULES3 986 Federal Register / Vol. 73, No. 3 / Friday, January 4, 2008 / Rules and Regulations SECURITIES AND EXCHANGE SUPPLEMENTARY INFORMATION: The c. Transition Period Interim Financial COMMISSION Commission is amending Form 20–F 1 Statements in Securities Act Registration under the Securities Exchange Act of Statements and Prospectuses and Initial 17 CFR Parts 210, 230, 239 and 249 1934 (the ‘‘Exchange Act’’),2 Rules 1–02, Exchange Act Registration Statements 3 C. Related Accounting and Disclosure [Release Nos. 33–8879; 34–57026; 3–10 and 4–01 of Regulation S–X, Issues International Series Release No. 1306; File Forms F–4 and S–4 under the Securities 1. Selected Financial Data No. S7–13–07] Act of 1933 (the ‘‘Securities Act’’),4 and 2. Other Form 20–F Disclosure Rule 701 under the Securities Act.5 a. Reference to U.S. GAAP RIN 3235–AJ90 Pronouncements in Form 20–F Table of Contents b. Disclosure from Oil and Gas Companies Acceptance From Foreign Private I. Executive Summary c. Market Risk Disclosure and the Safe Issuers of Financial Statements A. Proposed Amendments Harbor Provisions Prepared in Accordance With B. Overview of Comments Received 3. IFRS Treatment of Certain Areas International Financial Reporting C. Summary of Final Amendments 4. Other Considerations Relating to IFRS Standards Without Reconciliation to II. Acceptance of IFRS Financial Statements and U.S. GAAP Guidance U.S. GAAP from Foreign Private Issuers Without a 5. First-Time Adopters of IFRS U.S. GAAP Reconciliation 6. Check Boxes on the Cover Page of Form AGENCY: Securities and Exchange A. The IASB 20–F Commission. 1. Governance and Structure D. Regulation S–X 2. Funding 1. Application of the Amendments to Rules ACTION: Final rule. B. The Convergence Process 3–05, 3–09, and 3–16 SUMMARY: The Commission is adopting C. Investor Understanding and Education a. Significance Testing b. Separate Historical Financial Statements rules to accept from foreign private D. Consistent and Faithful Application of IFRS in Practice of Another Entity Provided under Rule issuers in their filings with the E. Regulatory Processes and Infrastructure 3–05 or 3–09 Commission financial statements to Promote Consistent and Faithful 2. Pro Forma Financial Statements prepared in accordance with Application of IFRS Provided under Article 11 International Financial Reporting III. Discussion of the Amendments 3. Financial Statements Provided under Standards (‘‘IFRS’’) as issued by the A. Eligibility and Implementation Rule 3–10 International Accounting Standards 1. Foreign Private Issuer Status 4. Conforming Amendment to Rule 4–01 Board (‘‘IASB’’) without reconciliation 2. IFRS as Issued by the IASB E. Application of the Amendments to other 3. Implementation Forms, Rules and Schedules to generally accepted accounting 1. Conforming Amendments to Securities principles (‘‘GAAP’’) as used in the B. Amendments to Effect Acceptance of IFRS Financial Statements without Act Forms F–4 and S–4 United States. To implement this, we Reconciliation to U.S. GAAP 2. Conforming Amendment to Rule 701 are adopting amendments to Form 20– 1. General 3. Schedule TO and Schedule 13E–3 F, conforming changes to Regulation S– 2. Interim Period Financial Statements 4. Small Business Issuers X, and conforming amendments to other a. Financial Information in Securities Act F. Application to Filings under the regulations, forms and rules under the Registration Statements and Multijurisdictional Disclosure System Securities Act and the Securities Prospectuses and Initial Exchange Act G. Periodic Reporting Deadlines for Exchange Act. Current requirements Registration Statements Used Less Than Foreign Private Issuers Nine Months After the Financial Year H. Quality Control Issues regarding the reconciliation to U.S. IV. Paperwork Reduction Act GAAP do not change for a foreign End b. Financial Statements in Securities Act A. Background private issuer that files its financial Registration Statements and B. Burden and Cost Estimates Related to statements with the Commission using a Prospectuses and Initial Exchange Act the Accommodation basis of accounting other than IFRS as Registration Statements Used More Than 1. Form 20–F issued by the IASB. Nine Months after the Financial Year 2. Form F–1 End 3. Form F–4 EFFECTIVE DATE: March 4, 2008. 4. Form S–4 Compliance Date: Amendments 5. Rule 701 regarding acceptance of financial 1 17 CFR 249.220f. V. Cost-Benefit Analysis statements prepared in accordance with 2 15 U.S.C. 78a et seq. Form 20–F is the combined A. Expected Benefits registration statement and annual report form for B. Expected Costs IFRS as issued by the IASB are foreign private issuers under the Exchange Act. It applicable to financial statements for also sets forth disclosure requirements for VI. Regulatory Flexibility Act Certification financial years ending after November registration statements filed by foreign private VII. Consideration of Impact on the Economy, 15, 2007 and interim periods within issuers under the Securities Act of 1933. 15 U.S.C. Burden on Competition and Promotion of Efficiency, Competition and Capital those years contained in filings made 77a et seq. The term ‘‘foreign private issuer’’ is defined in Formation Analysis after the effective date. Amendments to Exchange Act Rule 3b–4(c) [17 CFR 240.3b–4(c)]. A VIII. Statutory Basis and Text of Final General Instruction G of Form 20–F foreign private issuer means any foreign issuer Amendments relating to first-time adopters of IFRS other than a foreign government except an issuer are applicable to filings made after the that meets the following conditions: (1) More than I. Executive Summary 50 percent of the issuer’s outstanding voting effective date. securities are directly or indirectly held of record A. Proposed Amendments FOR FURTHER INFORMATION CONTACT: by residents of the United States; and (2) any of the The Commission has long viewed Michael D. Coco, Special Counsel, following: (i) The majority of the executive officers or directors are United States citizens or residents; reducing the disparity between the Office of International Corporate (ii) more than 50 percent of the assets of the issuer accounting and disclosure practices of Finance, Division of Corporation are located in the United States; or (iii) the business the United States and other countries as Finance, at (202) 551–3450, or Katrina of the issuer is administered principally in the an important objective both for the A. Kimpel, Professional Accounting United States. 3 17 CFR 210.1–02, 17 CFR 210.3–10 and 17 CFR protection of investors and the Fellow, Office of the Chief Accountant, 210.4–01. Regulation S–X sets forth the form and efficiency of capital markets.6 The use at (202) 551–5300, U.S. Securities and content of requirements for financial statements. Exchange Commission, 100 F Street, 4 17 CFR 239.34 and 17 CFR 239.13. 6 See ‘‘Acceptance from Foreign Private Issuers of NE., Washington, DC 20549–3628. 5 17 CFR 230.701. Financial Statements Prepared in Accordance with VerDate Aug<31>2005 17:32 Jan 03, 2008 Jkt 214001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4700 E:\FR\FM\04JAR3.SGM 04JAR3 rwilkins on PROD1PC63 with RULES3 Federal Register / Vol. 73, No. 3 / Friday, January 4, 2008 / Rules and Regulations 987 of a single set of high-quality globally Most recently, on July 11, 2007, the issuers, accounting firms, legal firms accepted accounting standards by Commission issued for public comment and foreign standard setters, as well as issuers will help investors understand a proposal to amend Form 20–F and some investors, agreed that IFRS were investment opportunities outside the Regulation S–X to accept financial suitable to be used as an internationally United States more clearly and with statements of foreign private issuers that accepted set of standards. Further, they greater comparability than if those are prepared on the basis of the English expressed that allowing IFRS without a issuers disclosed their financial results language version of IFRS as published U.S. GAAP reconciliation would be under a multiplicity of national by the IASB without a reconciliation to perceived as recognition of the accounting standards, and it will enable U.S. GAAP.11 We did not propose to adequacy of the convergence process to issuers to access capital markets change existing reconciliation date and would promote and encourage worldwide at a lower cost. requirements for foreign private issuers the ongoing convergence process. Towards this end, the Commission that file their financial statements under However, the views of several other has undertaken several measures to other sets of accounting standards, or commenters, including those that are not in full compliance with foster the use of International Financial 12 representing some institutional Reporting Standards (‘‘IFRS’’) as issued IFRS as issued by the IASB. As part investors and analysts, were mixed. by the International Accounting of our efforts to foster a single set of While these commenters also expressed globally accepted accounting standards, Standards Board (‘‘IASB’’) and fully the view that IFRS have the potential to we are now adopting amendments to supports the efforts of the IASB and the fulfill the role of a set of high-quality, accept from foreign private issuers Financial Accounting Standards Board international standards at some time in financial statements prepared in (‘‘FASB’’) to converge their accounting accordance with IFRS as issued by the the future, some thought the time was standards.7 Specifically, the IASB in filings with the Commission not yet ripe for accepting those financial Commission has adopted rules to without reconciliation to U.S.
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