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SEC Commissioner speaks on global accounting convergence

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08 Oct 2007

At a recent conference in the United States, Commissioner Kathleen L. Casey of the US Securities and Exchange Commission spoke about the SEC's role in support of international financial reporting convergence – development of a "single set of high-quality global accounting standards that promise to produce significant benefits for investors, issuers, and our markets as a whole".

Click to Download Commissioner Casey's Remarks (PDF 74k). Among other things, Commissioner Casey spoke about eliminating the IFRS-US GAAP reconciliation, the need for consistent and faithful application of IFRSs, the need for converged global audit standards and auditor oversight, and the need for a long-term funding mechanism for the IASB. An excerpt:

If the Commission decides to eliminate the reconciliation requirement, it will be a major change. Some commenters see the elimination of reconciliation as an accommodation that would merely reduce costs for the relatively small number of foreign issuers registered in the United States. But in my view, eliminating reconciliation would be a watershed event. It would represent a much more significant recognition on the part of the Commission of the need and desirability of continuing down the path of convergence efforts towards the ultimate goal of the development of a single set of global accounting standards.

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