RegulationAccounting StandardsSEC chairman backs international accounting standards

SEC chairman backs international accounting standards

The chairman of the Securities and Exchange Commission, the US financial regulator, has admitted that the mortgage meltdown may have started in the United States but said other countries including Britain are also to blame for the global economic crisis.

‘The meltdown in the markets is simply not an American contagion,’
Christopher Cox said, according to WebCPA, the business newswire. ‘There are
real estate bubbles all over the world. Last year Spain built more houses than
Britain, France and Germany combined.’

Cox, speaking at a Financial Executives International Conference in New York,
also called for company financial reporting to become more transparent. He said
that the move to international financial reporting standards and web-based
interactive data tagging of information in company accounts would help investors
compare the performance of companies.

‘With transparency, investors can more easily compare and weigh investment
opportunities,’ he said. ‘Two-thirds of American investors own foreign
securities.’

He added that accounting rules should be made in the interests of investors.
‘International accounting standards must promote clarity and comparability,’ he
said.

Further reading:

Cox
Spreads Blame for Financial Crisis

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