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SEC Chair states that high-quality, globally accepted accounting standards are a "U.S. Imperative"

  • SEC (US Securities and Exchange Commission) Image

Jan 05, 2017

On January 5, 2017, the U.S. Securities and Exchange Commission (SEC) released a public statement on global accounting by Mary Jo White, Chair of the SEC, where she stressed that the strength of the U.S. capital markets depended on investors knowing that they could rely on the financial information that is available to them when they make investment decisions. And since U.S. investors also made many investment decisions using IFRS financial statements, ensuring that IFRS, as well as U.S. GAAP, are of the highest quality was one of the Commission's "highest priorities".

While Ms. White acknowledged that there had been no formal action by the Commission since 2010 and that any further action would be in the responsibility of the new SEC Chair Clayton, she nevertheless described the last years as a success.

She also noted that this progress was very important and that it needed to continue as both Boards, as well as investors, would benefit greatly from their sustained engagement.

Review the full statement on the SEC's website.

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