Sec Form 20-F - Registration Statement/annual Report/transition Report/shell Company Report Page 64
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69two financial years ending after November 15, 2007, such an issuer will be required to include reconciliations to U.S. GAAP
unless the issuer complies with the requirements in Item 17(c).
Item 18.
Financial Statements.
Provide the following information:
(a)
All of the information required by Item 17 of this Form, and
(b)
If the financial statements are prepared using a basis of accounting other than IFRS as issued by the IASB, all other
information required by U.S. generally accepted accounting principles and Regulation S-X unless such requirements
specifically do not apply to the registrant as a foreign issuer. However, information may be omitted (i) for any period
in which net income has not been presented on a basis reconciled to United States generally accepted accounting
principles, or (ii) if the financial statements are furnished pursuant to §210.3-05 or less-than-majority owned investee
pursuant to §210.309 of this chapter.
Instruction to Item 18:
1. For fiscal years ending before December 15, 2009, all of the instructions to Item 17 also apply to this Item, except Instruction 3
to Item 17, which does not apply. For all fiscal years ending on or after December 15, 2009, all of the instructions to Item 17 also apply
to this Item.
2. An issuer that is required to provide disclosure under FASB Statement of Accounting Standards No. 69, “Disclosures about
Oil and Gas Producing Activities,” shall do so regardless of the basis of accounting on which it prepares its financial
statements.
Special Instruction for Certain European Issuers:
An issuer incorporated in a Member State of the European Union that has complied with the carve out to IAS 39
“Financial Instruments: Recognition and Measurement,” as adopted by the European Union, in financial statements
previously filed with the Commission, may file financial statements for its first two financial years that end after November
15, 2007 without reconciling to U.S. GAAP if that issuer’s financial statements otherwise comply with IFRS as issued by
the IASB and the issuer provides an audited reconciliation to IFRS as issued by the IASB. This reconciliation to IFRS as
issued by the IASB is to contain information relating to financial statement line items and footnote disclosure based on
full compliance with IFRS as issued by the IASB, and is to be prepared and disclosed in the same manner that an issuer
would provide a reconciliation to U.S. GAAP, following the requirements in Item 18. All financial statements of such an
issuer for periods prior to the financial year that ends after November 15, 2007 must continue to be reconciled to U.S.
GAAP. For financial years following the two financial years ending after November 15, 2007, such an issuer will be
required to include reconciliations to U.S. GAAP unless the issuer complies with the requirements in Item 18(a).
64
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