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Full text of US accounting reform legislation posted

30 Jul 2002

Click here to Download the Full Text of the US Public Company Accounting Reform and Investor Protection Act of 2002 (PDF 226k).

A foreign public accounting firm that prepares an audit report with respect to any SEC registrant is subject to the Act and to the rules of the new Public Company Accounting Oversight Board. The new law permits the SEC to look to a private-sector accounting standard-setter, such as FASB, provided that the standard-setter:

"considers, in adopting accounting principles, ... the extent to which international convergence on high quality accounting standards is necessary or appropriate in the public interest and for the protection of investors"