Initiative to strengthen auditing and financial reporting in US
18 May 2007
US Secretary of the Treasury Henry M. Paulson Jr. has announced initiatives "to enhance US capital markets' competitiveness, focused on strengthened financial reporting and a more sustainable and transparent auditing profession".
The initiatives are part of an ongoing effort to address the issues affecting US capital markets competitiveness. Initiatives announced by Mr Paulson are set out below and include elimination of the IFRS-US GAAP reconciliation:
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- Outline of Mr Paulson's Proposals (PDF 25k) in an editorial titled The Key Test of Accurate Financial Reporting is Trust
- Press Release (PDF 23k)
- Related March 2007 Speech by Mr Paulson (PDF 31k)