The head of the SEC is to press for a panel of international regulators to oversee the International Accounting Standards Board.
As the US regulator inches towards allowing US companies to file under International Accounting Standards – a move expected this month – the Wall Street Journal reports that SEC chairman Christopher Cox has said he wants a 'public policy oversight body' to sit above the trustees of the IASB.
The international accounting setter has been attacked recently for its governance arrangements, prompting the drafting in of Gerrit Zalm as chairman of the International Accounting Standards Committee Foundation to enhance its relationship with politicians.
Cox is expected to promote the idea in a speech today at the annual conference of the International Organization of Securities Commissioners in Paris, the WSJ reported.
'I'm going to try to get the panel to focus specifically on infrastructure that supports IFRS, because if the U.S. is going to have a future with IFRS, then it's going to be important that we can recognize the IASB as a standard setter for purposes of the federal securities laws,' Cox said.
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