SEC Chairman's remarks on globalisation and IFRSs

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21 Jun 2007

US SEC Chairman Christopher Cox recently addressed a meeting of the New York Society of Security Analysts.

His remarks focused on globalisation of the world's securities markets, the need for IFRSs, and how XBRL can contribute to development of global accounting standards. Click to  Download Chairman Cox's Remarks  (PDF 22k). Here is an excerpt:

The need for fast, reliable, high quality, and affordable information to make the right investment choices has never been more urgent. Your vocation has given you the responsibility to help America's investors meet that need - and to help you in your work, interactive data is on the way. Of course, you're not the only beneficiaries. Investors - retail and professional alike - and financial journalists will benefit as well. Not only that, but through its ability to improve the quality and accuracy of information, interactive data will improve the accuracy of financial statements, improve audit quality, and drive down issuer costs. It also helps address concerns about accounting complexity, through its potential to accelerate the development of a set of truly global accounting standards.

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