The head of the US markets watchdog has sought to put to rest myths and rumours about the US commitment to international standards, in wide ranging speech to the nation’s most prominent accounting body, yesterday
Mary Schapiro, chairman of the US Securities and Exchanges Commission, told an audience of accountants at the US CFA Institute’s annual conference, she was committed to international standards, but was equally committed to protecting US investors from possible side effects.
“To be clear, while I strongly believe in our commitment to high quality accounting standards, I believe just as strongly that this commitment is only the beginning of the discussion, not the end,” she said.
“The IASB and FASB must remain vigilant that investors needs and protection remain paramount throughout the process.”
She dismissed claims the US were not committed to international standards.
“Let’s put this one to rest, right away. And, I can do that by citing the official text of our Commission Statement in Support of Convergence and Global Accounting Standards,” she said.
She also denied the US was dragging its feet.
“This too is wrong… It is important that we take the time to solicit, receive and analyze input from companies, investors and other stakeholders who will ultimately have to put into practice and make use of new standards.”
The US has not made a concrete decision to adopt international standards, Instead it is investigating the impact on US investors and is set to make a decision next year.
Further reading: Remarks at CFA Institute 2010 Annual Conference
An improved internal audit code is "vital' to developing the City's risk management, former shadow chancellor Ed Balls has said
The FRC is inviting comments from stakeholders on its proposed approach to updating FRS 102 to reflect changes in IFRS
Board members of accounting standard setter the IASB have come under fire for the size of their remuneration packages amid scrutiny of how the organisation is governed
Internal auditors are earn more than external consulting auditors, analysis by salary-bench marking site Emolument.com has found