Finance Firms Favor Global Accounting

SEC’s Shapiro says regulators' work on convergence will continue into 2012.

Major financial firms and credit ratings agencies are pushing the U.S. Securities and Exchange Commission to blend U.S. and international accounting standards into one set of practices.

At a roundtable meeting on accounting standards in Washington today, SEC Chairman Mary Schapiro called the idea “a major decision for this agency, and not one to be taken lightly.”

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