Cox wants a date set for US move to IFRS

Moving US companies to IFRS is a priority for 2008 following a change of SEC policy last year, allowing non-US issuers to international standards without reconciling to US GAAP

Written by Penny Sukhraj

Accountancy Age, 05 Feb 2008

Christopher Cox has called for federal regulators to consider devising a road map to move US companies toward international accounting practices.

The chairman of the Securities and Exchange Commission told a gathering of the European-American Business that investors needed 'a common accounting language.'

Cox said the matter was a priority for 2008 following a change of SEC policy last year, allowing non-US issuers to use IFRS without reconciling these to US GAAP, the Wall Street Journal reported.

Cox and European Union Internal Markets Commissioner Charlie McCreevy are set to discuss the issues at a meeting of securities regulators in Amsterdam later this week.

Further reading:

SEC roundtables on US changeover to IFRS

Accounting: Time to join us

EU may have to accept US GAAP next year