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