SEC to examine international standards this autumn, says FASB boss

The US financial watchdog will “refocus” on the adoption of international
standards in coming months, the head of America’s accounting standard setter
said yesterday.

Robert Herz, chairman of the US Financial Accounting Standards Board (FASB),
said the US financial regulator, the Securities and Exchanges Commission (SEC),
will begin to re-examine US adoption of international accounting standards
towards the end of the year.

“I think it will continue to be somewhat of a cautious and measured
approach,” he said.

“[SEC chairman] Mary [Schapiro] has now said they are going to start
refocusing on it this fall.”

Speaking to an audience of finance professionals at PricewaterhouseCoopers’,
Meet the Experts seminar, he also forecast a potential political clash as the
world’s largest economy creeps closer towards adoption of international
accounting rules.

“Politicians do not get voted in by global constituencies; it’s just a fact
of life,” he said.

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