The SEC currently has a proposal out to eliminate the requirement that currently exists for foreign companies to reconcile their financial statements to US GAAP.  Under the proposal, companies may avoid the reconciliation process if they follow the English language version of International Financial Reporting Standards. 

The proposal is called Acceptance From Foreign Private Issuers of Financial Statements Prepared in Accordance With International Financial Reporting Standards Without Reconciliation to U.S. GAAP.  The release number is 33-8818.  Comments are due by September 24, 2007.

While there may be changes to the proposal based on feedback, my guess is this proposal will be finalized in some form.  There is strong momentum behind the idea of moving to international reporting standards.  This will be a key step in that movement.