SEC chair calls for IASB oversight body

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 –
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.

Further Reading:

Read the
Wall Street Journal piece

to let US companies file under IFRS

Related reading

Fiona Westwood of Smith and Williamson.