Schapiro hits back at international accounting convergence myths

by Mario Christodoulou

More from this author

21 May 2010

  • Comments
SEC chief Mary Schapiro

The head of the US markets watchdog has sought to put to rest myths and rumours about the US commitment to international standards, in wide ranging speech to the nation’s most prominent accounting body, yesterday

Mary Schapiro, chairman of the US Securities and Exchanges Commission, told an audience of accountants at the US CFA Institute’s annual conference, she was committed to international standards, but was equally committed to protecting US investors from possible side effects.

“To be clear, while I strongly believe in our commitment to high quality accounting standards, I believe just as strongly that this commitment is only the beginning of the discussion, not the end,” she said.

“The IASB and FASB must remain vigilant that investors needs and protection remain paramount throughout the process.”

She dismissed claims the US were not committed to international standards.

“Let's put this one to rest, right away. And, I can do that by citing the official text of our Commission Statement in Support of Convergence and Global Accounting Standards,” she said.

She also denied the US was dragging its feet.

“This too is wrong... It is important that we take the time to solicit, receive and analyze input from companies, investors and other stakeholders who will ultimately have to put into practice and make use of new standards.”

The US has not made a concrete decision to adopt international standards, Instead it is investigating the impact on US investors and is set to make a decision next year.

Further reading: Remarks at CFA Institute 2010 Annual Conference

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send


Financial Planner

The Ministry of Defence Surgeon General’s (SG) Finance Department, Lichfield, Staffordshire, Permanent, Full Time, £ £30,008




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.