Last year, the Commission voted unanimously to permit European and other non-US issuers to prepare their SEC financial statements using International Financial Reporting Standards, without the need to keep a second set of books under US Generally Accepted Accounting Principles. This was only possible because of the great progress that the International Accounting Standards Board has made in developing IFRS as a single, high-quality accounting standard that is implemented consistently in multiple jurisdictions around the world.

This year, the Commission will consider how we will map the future for US firms and International Financial Reporting Standards. But one thing is certain: the expanded use of a single, high-quality accounting standard will eventually empower investors to make better informed investment decisions by giving them information that is more easily comparable.