OWC Pharmaceutical Research Corp (OWCP)

[Hoya Saxa]

You can bring up the GAAP compliance concern as much as you want. Can you tell everyone if OWC's accounting practices are IFRS compliant? I'm pretty sure we both know the answer.

Quote:
GAAP is focused on the practices of U.S. companies. The Financial Accounting Standards Board (FASB) issues GAAP. The international alternative to GAAP is the International Financial Reporting Standards (IFRS) set by the International Accounting Standards Board (IASB). The IASB and the FASB have been working on the convergence of IFRS and GAAP since 2002. Due to the progress achieved in this partnership, in 2007, the SEC removed the requirement for non-U.S. companies registered in America to reconcile their financial reports with GAAP if their accounts already complied with IFRS. This was a big achievement, because prior to the ruling, non-U.S. companies trading on U.S. exchanges had to provide GAAP-compliant financial statements.