The three new members of the Securities and Exchange Commissioners who have just been approved by the Senate will have to hit the ground running to cope with a multitude of unfinished business.
One of the main items on the agenda for new members Luis Aguilar, Elisse Walter and Troy Paredes will be setting a roadmap for the transition to International Financial Reporting Standards. That’s going to be a top priority for this summer, as more accounting firm leaders and organizations press SEC Chairman Christopher Cox to set a “date certain” for the convergence of IFRS with U.S. generally accepted accounting principles. The possibility of having to maintain two sets of books for both IFRS and GAAP for many years isn’t very attractive to many companies.
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