Securities Law Updates | New Statutes, Regulations and Rules
February 26, 2010
SEC Lays Down Plan on Convergence and Global Accounting Standards
US SEC’s Plan on Convergence and Global Accounting Standards
2010-27, 2/24/2010
The U.S. Securities and Exchange Commission (“SEC,” or “Commission”) has laid down its position regarding global accounting standards to clarify that it continues to believe that a single set of high-quality globally accepted accounting standards would benefit U.S investors.
As a step toward achieving the goal of a single set of high-quality global accounting standards, Commission stated that it continues to encourage the convergence of U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) and International Financial Reporting Standards (“IFRS”) in order to narrow the differences between the two sets of standards.
“For nearly 30 years, the Commission has promoted a single set…
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