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SEC reaffirms FASB standards for SEC filings

  • United States (old) Image

29 Apr 2003

The US Securities and Exchange Commission has reaffirmed its policy of recognising FASB pronouncements as being generally accepted for purposes of filings with the Commission.

The SEC's action was in response to section 108 of the Sarbanes-Oxley Act of 2002, which, among other things, specifies the criteria that must be met in order for an accounting standard setter's work product to be recognised as generally accepted by the Commission. In its new policy statement, the Commission noted:

In order for US accounting standards to remain relevant and to continue to improve, however, the Commission expects the FASB to consider, 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, including consideration of moving towards greater reliance on principles-based accounting standards whenever it is reasonable to do so.... We expect that during its deliberations of an accounting issue the FASB will consider, among other things, international accounting standards addressing that issue.

Click for full text of the SEC Policy Statement.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.