SEC Casey IFRS Convergence

SEC Casey IFRS Convergence - SEC Speech: Remarks Before the...

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SEC Speech: Remarks Before the Global Financial Reporting Convergence Conference; New York, New York: Sep. 28, 2007 Home | Previous Page Speech by SEC Commissioner: Remarks Before the Global Financial Reporting Convergence Conference by Commissioner Kathleen L. Casey U.S. Securities and Exchange Commission Financial Executive International and the European-American Business Council New York, New York September 28, 2007 Thank you, Mark, and good afternoon. I appreciate the opportunity to be here today to talk to you about the SEC's role in support of international financial reporting convergence. Under the leadership of Chairman Cox and EU Commissioner McCreevy, the Commission and our counterparts around the world are working to develop a single set of high-quality global accounting standards that promise to produce significant benefits for investors, issuers and our markets as a whole. Before I continue, let me state that the views I express today are my own and do not reflect those of the Commission or my fellow Commissioners. Today's conference is exceptionally timely because I believe we are engaged on several fronts at a critical point in the development, convergence, support and acceptance of global financial reporting standards. There are two major changes afoot that I would like to focus your attention on this afternoon. Both promise to revolutionize, improve and harmonize financial reporting on a global scale. And - of course - they are most well-known by their acronyms. So let me begin by adding these acronyms to your accounting lexicon if you are not already keenly familiar with them. The first is IFRS, which stands for international financial reporting standards. This is an accounting system developed by the International Accounting Standards Board ("IASB") that, in an amazingly short period of time, has gained a foothold in over 100 countries, including the 27 EU member states and much of the rest of non-U.S. capital markets. These countries either currently require or permit IFRS or are planning to do so in the near term. By 2011, the number of countries is expected to exceed 150. The second acronym is XBRL, which stands for eXtensible Business Reporting http://www.sec.gov/news/speech/2007/spch092807klc.htm (1 of 9)08/10/2007 13:01:41
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SEC Speech: Remarks Before the Global Financial Reporting Convergence Conference; New York, New York: Sep. 28, 2007 Language. This is an interactive data technology in which individual pieces of data are "tagged" to be computer readable, permitting investors to reconfigure financial information to suit their own needs and interests. More than 40 U.S. companies representing $2 trillion of market capitalization are currently participating in the SEC's voluntary XBRL filing program, submitting periodic reports in XBRL as well as through EDGAR. These two independent, but complementary, international developments,
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SEC Casey IFRS Convergence - SEC Speech: Remarks Before the...

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