Deloitte chief: ‘Genuine effort’ needed by governments

Governments and regulators must continue with genuine efforts to achieve
consistency in the development and application of global financial reporting
standards to protect investors,
global CEO James H. Quigley
has said.

Speaking from Berlin where leaders from Deloitte member firms gathered at the
organization’s annual World Meeting, Quigley pointed out that the increasing
cooperation between the SEC and the
European Commission to facilitate
mutual recognition of financial reporting standards in the US and Europe is a
significant step toward the advancement of a truly global reporting framework.

He was commenting as the SEC agreed to a proposal to accept financial
statements of ‘foreign private issuers’ prepared in accordance with
International Financial Reporting Standards without reconciliation to US
Generally Accepted Accounting Principles (US GAAP).

Quigley said, ‘Today’s action by the SEC is a testament to the success of the
convergence process and a significant milestone in the journey.’

Further reading:

US edges closer to standard harmony

E&Y issues hedging standards warning

Deloitte boss says global standards convergence far off

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