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IFRSs are 'a highly positive achievement'

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05 May 2008

In his Remarks at a Conference on US– EU Regulatory Cooperation sponsored by the US Chamber of Commerce on 30 April 2008, US Deputy Assistant Secretary of the Treasury Mark Sobel spoke of IFRSs as 'a highly positive achievement' for globalised financial markets.

An excerpt:

Accounting Convergence: Following up on the accounting 'roadmap' work, in late 2007, the SEC decided to abolish the requirement for reconciliation to US GAAP for foreign companies using IFRS as issued by the International Accounting Standards Board and solicited comment on the possibility of allowing domestic companies to file using IFRS. Noting the report published by the EC Services earlier this month that US GAAP meets the criteria established for recognition as 'equivalent' to IFRS, we look forward to a formal decision confirming this finding. We fully expect this to happen this year. It bears underscoring that this work, along with efforts to converge global accounting standards and strengthen international accounting governance, offers the prospect for firms to use one set of financial statements for their global activities, with all of the attendant benefits in terms of reduced costs and greater efficiencies. This is a hugely positive achievement, and the SEC and EU deserve tremendous praise for their hard work in past in bringing these efforts toward fruition.

Click to view Remarks at a Conference on US– EU Regulatory Cooperation (PDF 42k).

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