Deloitte CEO applauds SEC's IFRS proposal

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27 Jun 2007

Deloitte global CEO James H Quigley, speaking at the firm's annual World Meeting in Berlin, said that governments and regulators must continue with genuine efforts to achieve consistency in the development and application of global financial reporting standards and a global reporting infrastructure in order to enhance protection for investors.

Mr Quigley pointed out that the increasing cooperation between the US Securities and Exchange Commission and the European Commission to facilitate mutual recognition of financial reporting standards in the US and Europe is a significant step toward the advancement of a truly global reporting framework. He called the SEC's recent proposal to eliminate the reconciliation requirement for IFRS registrants "testament to the success of the convergence process and a significant milestone in the journey". Click for Press Release (PDF 21k).

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