AMF Informs Issuers Listed In The USA That The Securities And Exchange Commission Is Amending Its Rule On The Reconciliation Of IFRS Statements To US GAAP

At a public meeting on 15 November 2007, the US Securities and Exchange Commission (SEC) unanimously approved a draft amendment to the rules applicable to the financial statements of US-registered foreign companies. The aim of the amendment is to exempt foreign issuers from having to produce a statement of reconciliation to US Generally Accepted Accounting Principles (US GAAP) if their financial statements are prepared using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

The rule amendment, the full text of which has not yet been made public, will come into force 60 days after it is published and will apply to financial statements covering years ended after 15 November 2007.

From 2007 onward, therefore, the new rule will enable French issuers listed in the USA to avoid the cumbersome task of reconciling their financial statements to US GAAP. However, they will have to specify in the explanatory notes that their accounts have been prepared under IFRS as issued by the IASB.

The press release announcing the rule change is available on the SEC website at http://www.sec.gov/news/press/2007/2007-235.htm