RegulationAccounting StandardsCox wants a date set for US move to IFRS

Cox wants a date set for US move to IFRS

Moving US companies to IFRS is a priority for 2008 following a change of SEC policy last year, allowing non-US issuers to international standards without reconciling to US GAAP

Christopher Cox has called for federal regulators to consider devising a road
map to move US companies toward international accounting practices.

The chairman of the Securities and Exchange Commission told a gathering of
the European-American Business that investors needed ‘a common accounting
language.’

Cox said the matter was a priority for 2008 following a change of SEC policy
last year, allowing non-US issuers to use IFRS without reconciling these to US
GAAP, the Wall Street Journal reported.

Cox and European Union Internal Markets Commissioner Charlie McCreevy are set
to discuss the issues at a meeting of securities regulators in Amsterdam later
this week.

Further reading:

SEC roundtables on US changeover to IFRS

Accounting: Time to join us

EU may have to accept US GAAP next year

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