|
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
The proposed SEC Roadmap to apply IFRS by
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.