In the United States, the “acceptance” of international financial reporting standards (IFRSs) has almost always been debated in the context of cross-border offerings and listings involving “foreign private issuers.” Current Securities and Exchange Commission (SEC or the “Commission”) rules allow a foreign private issuer to prepare its financial statements using either local accounting standards or IFRSs, as long as a “reconciliation” to U.S. generally accepted accounting principles (GAAP) is included in the financial statements filed with the SEC

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