The Securities and Exchange Commission took an important step toward what many hope will eventually lead to a global accounting standard, dropping a requirement that non-U.S. companies with U.S. listings reconcile their results to U.S. rules.
That sets the stage for the SEC to consider whether U.S. companies should be able to choose between U.S. and international rules, as well. If that happens, it could potentially pave the way for the abandonment of U.S. generally accepted accounting principles.
The idea is that a single set of global accounting rules would make life simpler for investors and companies alike.
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