SEC Article: A Securities Regulator Looks at Convergence

22 April 2005

The SEC issued an article by SEC Chief Accountant Donald T Nicolaisen that discusses convergence and describes a possible roadmap for reconciliation removal. The article describes why a movement towards use of a single set of globally accepted accounting standards is good for the global capital markets, and for investors and creditors. It also discusses what this movement means for the U.S. capital markets and sets out a possible roadmap to elimination of the SEC’s requirement that foreign private issuers reconcile financial statements prepared under IFRSs to U.S. GAAP. The article further describes factors that can contribute to successful implementation and to increasingly widespread acceptance and use of IFRSs.

Article

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