US Securities and Exchange Commission takes step forward in accepting international standards

The release requests public comment on the standards issued by the International Accounting Standards Committee and raises questions regarding what supporting infrastructure is necessary in an environment where issuers and auditors are often multinationals providing data in many countries.

The SEC is seeking feedback on what importance concerns would be raised by acceptance of IASC standards and then asks for comment on whether the commission should modify its current requirement for all financial statements to be reconciled to US GAAP.

This marks the first concrete move since agreement was reached late last year to form a worldwide accounting standards body that could form standards that could be used across the globe.

The SEC has given a 90-day comment period for respondents to share their first-hand knowledge of using IASC standards and any experience of auditing the application of such standards.

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