The Bush administration and the Securities and Exchange Commission are pressing forward with a plan that would allow American companies to opt out of using U.S. accounting standards in favor of international ones as a way to ease global business dealings and help corporations raise capital around the world.
But critics in Congress and elsewhere warn that the initiative threatens to let industry unravel investor protections enacted since the Enron scandal.
SEC Chairman Christopher Cox said in a speech last month that the commission would soon consider issuing a timeline under which U.S. companies might be permitted to file their financial reports under international accounting rules. Now that the Senate has approved a full complement of five commissioners, such a vote could come in a few weeks, SEC spokesmen said yesterday.
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