Since November 15, 2007, US-listed foreign companies that prepare financial statements in accordance with IASB-IFRS (International Financial Reporting Standards as issued by the International Accounting Standards Board) no longer need to reconcile their financial statements to US-GAAP (U.S. generally accepted accounting principles) as per release no. 33-8879. Most companies that used to report with EU-IFRS (European Union members’ implementation of IFRS) claimed compliance with IASB-IFRS immediately. This study explores the comparability between IFRS and US-GAAP reported net income right before release no. 33-8879 took effect. Net income reconciliation from IFRS to US-GAAP by fifty randomly selected US-listed EU companies for financial year 2006 is analyzed. The evidence shows that significant differences still exist between IFRS and US-GAAP in reported net income. Such differences were primarily a result of different accounting treatments of research and development expenditures, pensions, business combinations, and deferred income taxes.