The U.S. Securities and Exchange Commission (SEC) unveiled a cautious approach on international accounting rules in the latest sign that it's abandoned a plan to urge companies to switch to global regulations.

While businesses will be required to report financial results using U.S. rules, the SEC is considering letting companies also disclose how much money they earn or lose under international standards, SEC Chief Accountant James Schnurr said in a speech today.

The comments show the SEC isn't committed to a 2008 proposal that laid out a road map over many years for companies to change how they disclose financial data. At the time, the SEC said a single set of global standards would cut compliance costs and make U.S. companies more competitive. The plan drew criticism from investors and some businesses.

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