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As IFRS gain acceptance around the world the only real question is how quickly both the accounting standards and the process by which they are established and developed can be globally recognized as world-class, SEC chairman Cox said in a speech at the IOSCO meeting in Paris focusing specifically on infrastructure that supports IFRS.
Elaborating on the public interest function of globally accepted accounting standards Cox supported the review of the IASC Foundation as to consider a new monitoring group.
“The purpose of this new group is to ensure the accountability of the global standard setter to national authorities charged with protecting the cap markets and the public interest”, he said. “This arrangement is designed to preserve the independence of the IASB while enhancing the accountability of the IASC Foundation to national authorities.”