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SEC’s Cox sees common accounting standards by 2009

SEC’s Cox sees common accounting standards by 2009

by Toby Lucich on April 29, 2007

Cox was appearing on a panel at the German Marshall Fund Brussels Forum. In other comments, he said the SEC was proving able to modify the U.S.’s Sarbanes-Oxley legislation to meet European concerns and that he expected the accounting progress to become a key part of a new transatlantic partnership on eliminating regulatory divergences.
U.S. President George W. Bush and German Chancellor Angela Merkel are due to sign a new regulatory partnership Monday in Washington. The deal will create a transatlantic council to set priorities.
Accounting standards are a “wonderful example,” a “tangible result” of what the new accord can achieve, Cox said. Progress towards common accounting standards is “going swimmingly,” he added. Specifically, he said the SEC was already willing to allow foreign issuers of securities to report results either in the IFRS international standards or the U.S. GAAP standards. It soon will consider whether allowing U.S. issuers to have a similar choice, he added.

SEC’s Cox sees common accounting standards by 2009

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