The events of recent months have only underscored the importance of an international language of financial disclosure and transparency, SEC Chairman Christopher Cox said.
The events of recent months have only underscored the importance of an international language of financial disclosure and transparency, SEC Chairman Christopher Cox said. “What is underway is not simply an American contagion”, he underlined. “The evidence is indisputable that the deeper roots of the crisis were entwined in scores of economies around the world.”
Therefore, the response requires international cooperation and global solutions, Cox said supporting a single set of high-quality accounting standards.
“Whatever the future of IFRS for U.S. issuers, retail and institutional investors alike in our country are relying upon IFRS today”, Cox said.
The proposed SEC Roadmap to apply IFRS by U.S. issuers beginning in 2014 is cautious and careful, he said and outlined the principles he called as critical to its success.
These principles include that the standard setting process must be transparent and be crafted in the interest of investors. Also, the standard setter must be independent and accountable. Finally, all of the stakeholders themselves participate in the standard setting process.
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