SEC remains committed to global standards

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10 Oct 2009

US Securities and Exchange Commission Chairman Mary L Schapiro spoke about reforming the global financial system and the regulatory framework that governs it at a conference sponsored by the IOSCO Technical Committee in Basel, Switzerland on 8 October 2009. She noted that during the current global financial crisis, 'investor confidence in the transparency of the markets, sufficiency and even the reliability of the information they were getting was shaken to the core'.

She said that financial reports prepared in accordance with high-quality, consistent accounting standards are one of the most effective tools for providing transparency to the markets and instilling confidence in investors. Yet the financial crisis has demonstrated that some standards must be improved. She reiterated the Commission's commitment to a global set of accounting standards. Click for Chairman Schapiro's Remarks (PDF 40k). Here is an excerpt:

The crisis has highlighted importance of implementing and enforcing high quality and consistent accounting standards around the world. The SEC has of course played a leadership role in fostering this ideal and I remain committed to the goal of a global set of high-quality accounting standards. I also believe that there are issues that will be critical to address as we at the SEC consider the input we have received on last year's proposed roadmap on the role of international standards in the US. It is with the principles and ideas I just outlined in mind that I am committed to focusing our efforts this fall to following up with a work plan that expands upon the concepts proposed in the roadmap.


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