'A Securities Regulator Looks at Convergence'

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22 Apr 2005

The US Securities and Exchange Commission has released for public distribution an article titled A Securities Regulator Looks at Convergence, by SEC Chief Accountant Donald T.

Nicolaisen. Mr. Nicolaisen introduces his article as follows:

In the pages that follow I explain why I believe the movement towards use of a single set of globally accepted accounting standards is good for the global capital markets, and for investors and creditors (collectively, investors). I also discuss what I believe this movement means for the US capital markets and, in response to a question I am frequently asked, I attempt to set out a possible roadmap to elimination of the SEC's requirement that foreign private issuers reconcile financial statements prepared under IFRSs to US GAAP. Further, I describe factors that I believe can contribute to successful implementation and to increasingly widespread acceptance and use of IFRSs, or which, if not addressed, could impede progress. Lastly, I express my view that to maximize the benefits from a common set of accounting standards – IFRSs – the many involved parties need to work together on interpretive matters that arise in applying it.

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