February 08, 2006
SEC Working with EU to Harmonize Accounting Standards
In a move that definitely looks like the SEC is trying to think global. This is a great move and will yield benefits for the future. Having to reconcile accounting standards is not a great use of time and resources.
This type of move definitely shows that the SEC understands global realities in the markets - There are other choices of markets for public companies. We applaud this move.
An excerpt from an article is here:
SEC moves closer to ending reconciliation impasse
Nicholas Neveling, Accountancy Age 08 Feb 2006
SEC chair Christopher Cox and EU internal markets commissioner Charlie McCreevy vow to resolve reconciliation impasse
The SEC and EU today moved one step closer to eliminating the need for European listed companies with US listings to reconcile their accounts to US GAAP.
Charlie McCreevy, the EU internal markets commissioner who is touring the US, and SEC chairman Christopher Cox affirmed their commitment to abolishing reconciliation from IFRS to the US standards.
Cox said that IFRS could produce significant benefits for US investors and enhance the comparability of financial information around the world, and said that the SEC wanted to eliminate the need for reconciliation by 2009 at the latest.
'The SEC is working diligently toward the goal of eliminating the existing IFRS to US GAAP reconciliation requirement,' said Cox.
Cox will meet with McCreevy again over the coming year to discuss progress on matters related to the use of high-quality global accounting standards. There will also be regular meetings over the next year between SEC and European Commission officials to monitor progress." For the complete article, click here.
If you company is listed on US exchanges and must comply with Sarbanes-Oxley see www.issuescentral.com for more information on the Compliance Playbook(tm). If your company has to comply with US or Canadian regulations, see www.compliancepartner.ca to learn more about Compliance Partner(tm) from Thomson-Carswell.
This type of move definitely shows that the SEC understands global realities in the markets - There are other choices of markets for public companies. We applaud this move.
An excerpt from an article is here:
SEC moves closer to ending reconciliation impasse
Nicholas Neveling, Accountancy Age 08 Feb 2006
SEC chair Christopher Cox and EU internal markets commissioner Charlie McCreevy vow to resolve reconciliation impasse
The SEC and EU today moved one step closer to eliminating the need for European listed companies with US listings to reconcile their accounts to US GAAP.
Charlie McCreevy, the EU internal markets commissioner who is touring the US, and SEC chairman Christopher Cox affirmed their commitment to abolishing reconciliation from IFRS to the US standards.
Cox said that IFRS could produce significant benefits for US investors and enhance the comparability of financial information around the world, and said that the SEC wanted to eliminate the need for reconciliation by 2009 at the latest.
'The SEC is working diligently toward the goal of eliminating the existing IFRS to US GAAP reconciliation requirement,' said Cox.
Cox will meet with McCreevy again over the coming year to discuss progress on matters related to the use of high-quality global accounting standards. There will also be regular meetings over the next year between SEC and European Commission officials to monitor progress." For the complete article, click here.
If you company is listed on US exchanges and must comply with Sarbanes-Oxley see www.issuescentral.com for more information on the Compliance Playbook(tm). If your company has to comply with US or Canadian regulations, see www.compliancepartner.ca to learn more about Compliance Partner(tm) from Thomson-Carswell.
