Securities and Exchange Commission Chairman Christopher Cox said that regulators in different countries should avoid revising International Financial Reporting Standards to meet the needs of local markets.

"Regulators must beware the impulse to develop nationally tailored versions of IFRS, and we must cooperate with one another in implementing a set of standards that is faithfully and consistently applied," he said in a speech at a corporate governance conference in Washington, D.C., according to a report by Thomson/RIA.

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