Thursday, December 13, 2007

Industry advocates unified global accounting rules

A panel of U.S. businesses, auditors and investors agreed on Thursday that there should be one set of high-quality global accounting standards, but differed on how to get there and kickstart the transition.

"We believe there are immense benefits from having a single reporting system," Neri Bukspan, Standard & Poor's global chief accountant, said at a U.S. Securities and Exchange Commission roundtable on international accounting standards.

In a continuing quest for the "nirvana" of accounting standards, the SEC is pondering whether to let domestic companies use international standards, instead of U.S. standards, when filing financial data with the agency.

The SEC recently said U.S.-listed foreign companies could file financial results with the agency using international financial reporting standards, or IFRS.

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