NASDAQ Supports New SEC Rules Allowing Non-U.S. Companies to File
Financial Statements Using International Financial Reporting
NASDAQ Proposes Amendment to Its Rules to Allow Companies Full
Benefit of This Change
NEW YORK, Nov. 15, 2007 (PRIME NEWSWIRE) -- The Nasdaq Stock Market,
Inc. ("NASDAQ(r)") (Nasdaq:NDAQ) announced it fully supports the
Securities and Exchange Commission's (SEC) decision today to allow
non-U.S. companies to file their financial statements with the SEC
using International Financial Reporting Standards (IFRS). The SEC's
new rules eliminate the need for non-U.S. companies to reconcile
their financial statements prepared under IFRS with U.S. Generally
Accepted Accounting Principles (U.S. GAAP).
To enable NASDAQ-listed companies to take full advantage of this
change, NASDAQ today submitted a proposal to the SEC to allow
non-U.S. companies to satisfy NASDAQ's financial listing requirements
using IFRS. NASDAQ's filing will be subject to public comment and
must be approved by the SEC.
"The SEC's action will help increase the attractiveness of the U.S.
as a place to raise capital," said Bruce Aust, Executive Vice
President of NASDAQ's Corporate Client Group. "It removes unnecessary
costs and steps that create barriers to attracting international
companies. The SEC's decision clearly communicates that the U.S.
markets are dedicated to wringing the cost and inefficiency out of
doing business in the U.S."
NASDAQ is the largest U.S. equities exchange. With approximately
3,100 companies, it lists more companies and, on average, trades more
shares per day than any other U.S. market. It is home to companies
that are leaders across all areas of business including technology,
retail, communications, financial services, transportation, media and
biotechnology. NASDAQ is the primary market for trading NASDAQ-listed
stocks as well as a leading liquidity pool for trading NYSE-listed
stocks. For more information about NASDAQ, visit the NASDAQ Web site
at www.nasdaq.com or the NASDAQ Newsroom at www.nasdaq.com/newsroom/.