David Kirkpatrick

July 11, 2008

Global accounting gets high level support

Filed under: Business, Politics — Tags: , , , , — David Kirkpatrick @ 12:08 pm

The merging of US and international accounting standards is coming. Global companies welcome this because this integration eases the need to keep separate books to meet two sets of standards.

The looming reality of one world-one standard recently received support from a couple of heavy hitters

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke both defended the Securities and Exchange Commission’s plans for converging American accounting standards with international bookkeeping rules.

Their comments on Thursday came in response to criticism over the rapid progression of the project that is being pushed aggressively by SEC Chairman Christopher Cox. Michael Capuano, a congressman from Massachusetts and a member of the House Financial Services Committee, questioned the Treasury and Fed chiefs on the wisdom of outsourcing, in a manner of speaking, the rules that affect how companies report their most crucial information — including earnings — at a time when the U.S. is in the midst of a regulatory overhaul. Paulson and Bernanke were testifying at hearing about how to overhaul the regulation system.

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