Beyond Economics: The U.S. Recognition of International Financial Reporting Standards as an Internat
A final rule promulgated by the Securities and Exchange Commission (SEC) in 2008 allowing foreign private securities issuers to prepare SEC-required financial disclosures under international financial reporting standards (IFRS) as promulgated by the International Accounting Standards Board (IASB) is a highly significant event for U.S. and global capital markets. However, surprisingly few questions have been asked regarding the SEC’s legal authority to take such an unpreceden