AICPA Says Public Companies Should Be Allowed to Use International Accounting Standards

CPA Letter, The, December, 2007 by Anonymous

In late Oct. the AICPA told a U.S. Senate panel that American public companies should be allowed to report their financial results using international accounting standards.

"The AICPA supports the goal of a single set of high-quality, comprehensive accounting standards to be used by public companies in the preparation of transparent and comparable financial reports throughout the world," Charles E. Landes, vice president for professional standards and services, told a hearing of the Senate Banking Subcommittee on Securities, Insurance and Investment.

The Securities and Exchange Commission is weighing whether to allow U.S. firms to report financial results using International Financial Reporting Standards rather than U.S. generally accepted accounting principles. This...

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