SEC’s Cox: Universal accounting standards by 2009 at Insurance Wood

SEC’s Cox: Universal accounting standards by 2009

Filed under: International markets, Good news, Law, Internet, ColumnsSEC Chairman Christopher Cox said on Sunday that, by 2009, the United States and Europe should be able to agree on a single set of General Accepted Accounting Principles. Until recently, many European companies with American Depositary Receipts trading on U.S. exchanges were required to issue two sets of financial statements -- one for their European investors and another for their American ones. They complained about the added expense and annoyance, and now companies can choose to report results to American investors under IFRS international standards, but this can still be confusing for investors here. Of course, the strict requirement of Sarbanes-Oxley may prove to be an obstacle in working out a deal, but this is good news. International accounting ...

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SEC’s Cox: Universal accounting standards by 2009

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