New SEC Chief Accountant urges convergence of accounting standards

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09 Dec 2001

In a presentation titled (PDF 88k), SEC Chief Accountant Robert K.

Herdman stressed the importance of convergence of global accounting standards. Speaking before the AICPA's 29th National Conference on Current SEC Developments in Washington on December 6, 2001, the new Chief Accountant said:

Another issue facing standard-setters is the need for convergence of domestic and international accounting standards. Converging accounting standards is critical to a continued, efficient expansion of our global capital markets. Standard-setters should be cognizant of the effects on international accounting as they carry out their activities in the future, and I hope that convergence becomes a more near-term objective. Time does not permit a full discussion of my views on international accounting today, but it will be a major focus for the Chief Accountant's Office.

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