SEC chairman sees benefits of international accounting standards

U.S., EU working to eliminate IFRS to U.S. GAAP reconciliation requirements

On a visit to Washington D.C. by European Union Internal Markets Commissioner Charlie McCreevy, U.S. Securities and Exchange Chairman Christopher Cox and McCreevy affirmed their commitment to eliminate the need for reconciliation between international and U.S. accounting standards.

SEC chairman Cox indicated that he believes the use of International Financial Reporting Standards has the potential to produce significant benefits for U.S. investors through enhanced comparability of financial information around the world. He congratulated McCreevy on the strides made by the European Union toward implementing IFRS.

Cox also reaffirmed his commitment to the “roadmap” to eliminate the SEC requirement for foreign private issuers to reconcile IFRS-based financial statements to U.S. GAAP, by 2009 at the latest.

See full Article.