PricewaterhouseCoopers States Support for SEC Move Toward Single Set of High Quality Accounting Standards

Feb 24, 2010, 18:24 ET from PricewaterhouseCoopers LLP

NEW YORK, Feb. 24 /PRNewswire/ -- The Securities and Exchange Commission (SEC) today reaffirmed its continued support for a single, globally-accepted set of high-quality accounting standards and stated that International Financial Reporting Standards ("IFRS") is best positioned to meet this goal.

The SEC will issue a work plan that lays out issues that need to be further addressed to enable the Commission to make a final decision in 2011 on whether to incorporate IFRS into the financial reporting system for U.S. public companies. The Commission further stated that if it does move forward with IFRS in 2011, the transition will need adequate time and IFRS reporting would begin no earlier than 2015.  The new work plan will address six primary areas, ranging from quality and application of IFRS standards to human capital readiness.

"PricewaterhouseCoopers continues to support the goal of moving toward a single set of high quality global accounting standards," said PricewaterhouseCoopers LLP U.S. Chairman and Senior Partner Bob Moritz.  "We believe that IFRS is in the best interest of stakeholders, including investors both here and globally. We are, therefore, encouraged by these statements from the SEC."

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