RegulationAccounting StandardsSchapiro backs international standards

Schapiro backs international standards

SEC chairman signals she will back global accounting rules

The head of the US financial regulator said she is committed to
international accounting convergence, in comments which edge the world’s largest
economy closer to adopting a global reporting language.

Mary Schapiro, Chairman of the US Securities and Exchanges Commission, spoke
of her “commitment” to a global accounting language in a speech delivered to the
technical committee of the International Organisation of Securities Commissions
in Basel, Switzerland,
The
Financial Times reports
.

“We must not lose sight of the fact that the purpose of accounting standards
is to provide a clear and accurate picture of a company’s financial condition
for investors … I remain committed to the goal of a global set of high-quality
accounting standards,” Ms Schapiro said.

The international accounting rule maker and its American counterpart have
been busy harmonizing their two accounting systems with a view to establishing
one language.

During the last year political interference, disputes on rules and criticism
of the international standard setter’s approach has threatened to derail the
project.

Even if full convergence is reached, the SEC would still need to sign off to
bring the rules into effect.

But a series of factors, including a renewed focus on the issue at the
Pittsburgh G20 summit, combined with the appointment of a moderate SEC chief
accountant, has given international accounting proponents reason to be
optimistic.

Read the full story:
SEC
seeks common goal for accounts

Related Articles

Indonesia set to achieve full IFRS convergence

Accounting Standards Indonesia set to achieve full IFRS convergence

2y Calum Fuller, Reporter
IASB pledges to maintain ‘strong’ bilateral relationship with FASB

Accounting Standards IASB pledges to maintain ‘strong’ bilateral relationship with FASB

3y Richard Crump, Writer
IFRS adoption will eventually happen, US investors tell ACCA

Accounting Standards IFRS adoption will eventually happen, US investors tell ACCA

5y Richard Crump, Writer
IFRS's quality not tarnished by US delay, says ICAEW

Accounting Standards IFRS's quality not tarnished by US delay, says ICAEW

5y Richard Crump, Writer
IASB takes swipe at SEC delay over IFRS

Accounting Standards IASB takes swipe at SEC delay over IFRS

5y Richard Crump, Writer
SEC decision over IFRS kicked into the long grass

Accounting Standards SEC decision over IFRS kicked into the long grass

5y Richard Crump, Writer
PCAOB founding member retires

Accounting Standards PCAOB founding member retires

6y Rachael Singh, Writer
ICAEW: 'Big Bang' IFRS adoption best for US

Accounting Standards ICAEW: 'Big Bang' IFRS adoption best for US

6y Rose Orlik