As I approach the end of my tenure, I remain firmly convinced of the importance for U.S. OCA has spent considerable time reviewing the extensive prior work on globally accepted standards, considering the experience with the FASB and IASB convergence projects and the application of IFRS by foreign private issuers. financial reporting system – an issue identified for further consideration in 2010.Įarly in my tenure as Chair, I directed our Office of the Chief Accountant (OCA) to review the Commission’s views on these issues and engage in broad outreach with investors, preparers, auditors, standard setters, and others. While there has been no formal action by the Commission since, I have strongly urged engagement on this issue by the Commission, including on whether to further incorporate International Financial Reporting Standards (IFRS) into the U.S. The Commission has long promoted high-quality, globally accepted accounting standards, formally advocating them for almost 30 years, including in 2010, when the Commission last reaffirmed the importance of pursuing such standards to further our mission. Standard setters and the Commission also have a strong interest in building and maintaining high-quality standards that can be applied comparably across borders to better inform and protect investors. ![]() Global standards facilitate decision making about cross-border investments, transactions, and acquisition opportunities. investors and companies, have a very strong interest in such standards. GAAP continues to serve well the interests of investors and others stakeholders, it does not diminish the need – in the United States and abroad – to continue to work hard to support the development of high-quality, globally accepted accounting standards. They are established and maintained by an independent standard-setter, the Financial Accounting Standards Board (FASB). Generally Accepted Accounting Principles (GAAP) are the accounting standards forming the bedrock of the U.S. The Commission has an important responsibility to investors and our markets to ensure that the accounting standards reliably produce the information our markets demand. High-quality accounting standards are the foundation upon which this reliance is built. ![]() ![]() capital markets depends on investors knowing that they can rely on the financial information that is available to them when they make investment decisions.
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