SEC Moves Toward Letting U.S. Firms Use Global Accounting Rules

katty

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Wed Feb-24-10 03:11 PM
Original message

SEC Moves Toward Letting U.S. Firms Use Global Accounting Rules

more: http://www.bloomberg.com/apps/news?pid=20601087&sid=awxMRBvO6EbU

Feb. 24 (Bloomberg) -- The Securities and Exchange Commission said it will move ahead with a plan that might put U.S. companies under international accounting rules by 2014.

The 5-0 vote today affirms the SEC�s support for accounting standards that would cover U.S. and international companies while reiterating that the agency won�t decide on the timing of a switch to global rules until next year.

The SEC in 2008 proposed a so-called roadmap to let companies with market values exceeding $700 million abandon U.S. standards by 2014. The agency adopted the stance before Mary Schapiro became SEC chairman in January 2009.

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HeresyLives

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Wed Feb-24-10 03:24 PM
Response to Original message

1. Now THIS would be a step forward.!

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DJ13

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Wed Feb-24-10 03:29 PM
Response to Original message

2. "General Electric Co. and the U.S. Chamber of Commerce have advocated

moving to international standards..."

Im sure those two agents of corporatism only have good intentions here.

:sarcasm:

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Ruby the Liberal

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Wed Feb-24-10 04:27 PM
Response to Original message

3. Because we learned nothing from Enron.

They need to REGULATE them, not "let" them choose what accounting standards they want to use.

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HeresyLives

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Wed Feb-24-10 04:33 PM
Response to Reply #3

4. That's what this would do, regulate them.

And all to the same standard.

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Ruby the Liberal

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Wed Feb-24-10 04:50 PM
Response to Reply #4

5. I would need more information on that.

I could be wrong, but seem to recall that when Sarbanes/Oxeley transparency regs were instituted, we had the strictest accounting standards on the planet.

The use of the word "let" as in "let them decide" how to cook the books is what grabbed my attention.

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