A proposal to allow foreign companies to use international accounting standards in filings with United States regulators has run into opposition from two disparate groups — European companies that believe the plan does not go far enough, and American investors who believe it is premature.
In a letter released yesterday, the European Association of Listed Companies said the Securities and Exchange Commission should allow the use of international accounting standards but should not insist that companies follow all the standards. Instead, the group said, the S.E.C. should accept modifications imposed by the European Commission.
Such a change, if approved by the S.E.C., would reduce the power of the International Accounting Standards Board, which is based in London and sets rules now used in many countries.
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