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US panel proposes reforms in auditing and accounting

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12 Jan 2003

The Commission on Public Trust and Private Enterprise, a blue-ribbon panel appointed by the Conference Board (an American business research group), has recommended a wide range of actions to improve corporate governance, auditing, and accounting practices.

In the area of accounting, the Commission urged more timely response by accounting standard-setters and encouraged convergence between US and global accounting standards:

Global capital markets could be made more efficient if accounting standards were harmonized on a world-wide basis. We strongly support both the emphasis on convergence between U.S. and the global standards and significant improvement in both bodies of standards. We applaud the efforts of the leadership of FASB and the IASB toward finding common ground on higher quality standards so that the infrastructure of our global economy can advance towards an integrated international capital market.

In this regard, we further recommend that the SEC, the new Public Corporation Accounting Oversight Board, and the Financial Accounting Foundation find a way to finance the American share of the International Accounting Standards Board Foundation through the issuer assessments established under the Act. The international financial community is encouraged also to adopt such a funding mechanism.

Click to Download the Report (PDF 582k).

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