SEC commissioner speaks about IFRS-US GAAP convergence

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04 Mar 2004

In a Speech to the Institute of International Bankers, SEC Commissioner Cynthia A.

Glassman provided an update on "our views on progress towards international accounting standards". An excerpt:

On the subject of international accounting standards, our goal is clearly convergence. The IASB has grown in stature and credibility, and its International Financial Reporting Standards ('IFRS') will become mandatory in the EU in 2005. Our Chief Accountant, Don Nicolaisen, tells me that his staff is spending a lot of time gearing up on IFRS and that all the large accounting firms are developing IFRS training programs in anticipation of the 2005 goal.

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