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Views from the SEC on convergence

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24 Dec 2002

In a presentation titled International Developments: Convergence and You at the annual AICPA SEC conference, Jackson M.

Day, Acting Chief Accountant of the US Securities and Exchange Commission, said: [ (PDF 52k)]

Convergence of accounting standards is the centerpiece of the efforts to build a global financial reporting infrastructure. And, the desire for convergence of accounting standards is greater than ever. Achieving this would greatly aid cross-border investing and decision-making....

IAS will soon be applied in at least fifteen different countries in Europe and in other regions of the world. We recognize that achieving the right balance of sufficiently detailed principles and base implementation guidance is extremely important. Appropriate use of national and international interpretive bodies, such as the Emerging Issues Task Force in the U.S. and the International Financial Reporting Interpretations Committee, or IFRIC, is a critical element to the success of this effort. While not every question can be answered, there cannot be fifteen answers to a pervasive question as well. That would undermine the credibility of the system.

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