SEC works with FSA on IFRS
US regulator to work with FSA on 'application and enforcement' of US GAAP and IFRS
The body, headed up by Christopher Cox, plans to undertake formal
consultation now its dual-listed companies’ accounts are under review.
The US regulator has also recently begun closer scrutiny of dual-listeds
through issuing controversial ‘comment letters’ on their accounts.
Richard Thorpe, head of accounting and auditing policy at the Financial
Services Authority, said the US watchdog is to review accounts of foreign
companies in full consideration of its counterparts’ positions regarding
application and enforcement.
‘There will also be closer dialogue on modernisation of financial reporting,’
said Thorpe.