SEC reaffirms FASB standards for SEC filings
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.
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. |