Chamber Lauds SEC Proposal to Streamline Financial Reporting

WASHINGTON, D.C. – The United States Chamber of Commerce today announced its support for the Securities and Exchange Commission (SEC) proposal to allow non-U.S. companies to file their financial statements using International Financial Reporting Standards. This proposed streamlining of reporting is a positive step towards ensuring the continued attractiveness of U.S. markets to foreign companies.

"Allowing non-U.S. companies to file under international standards will help maintain our competitiveness and move towards greater harmonization of standards, which will benefit U.S. market participants including investors," said Michael Ryan, executive director and senior vice president of the Chamber's Center for Capital Markets Competitiveness. "The Chamber commends the SEC's proposal and encourages further reduction of unnecessary complexity in financial reporting."

If adopted, the proposal would eliminate the requirement that foreign companies trading on U.S. exchanges convert their financial reporting to Generally Accepted Accounting Principles.

The U.S. Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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