The Securities and Exchange Commission has released a draft of a five-year strategic plan that calls for “a single set of high-quality global accounting standards.”
While the SEC has not yet decided on the fate of the proposed roadmap for adopting International Financial Reporting Standards, SEC Commissioner Mary Schapiro and Chief Accountant James Kroeker have both said the commission will be turning its attention to the roadmap this fall.
In the meantime, the draft strategic plan listed among several regulatory reforms, “raising international regulatory standards and cooperation, including working toward improvement of accounting standards in the wake of the credit crisis and the development of a single set of high-quality global accounting standards.”
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