July 16, 2012

CAQ Reacts to SEC’s Staff Report on IFRS

Washington, DC – The Center for Audit Quality (CAQ) issued the following statement by Executive Director Cindy Fornelli in reaction to the U.S. Securities and Exchange Commission’s (SEC) release of a staff report on the International Financial Reporting Standards Work Plan:

“The SEC staff is to be commended for completing its Work Plan on international financial reporting standards (IFRS).

While staff recommendations of specific approaches or dates for the possible incorporation of IFRS into the U.S. financial reporting system was beyond the scope of the staff’s Work Plan, we hope the information in the report will facilitate an SEC determination on incorporation of IFRS in the near future.

The CAQ remains supportive of the adoption and universal application of a single set of high quality global accounting standards. IFRS are best positioned to be that single set of standards.”

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The Center for Audit Quality (CAQ) is an autonomous public policy organization dedicated to enhancing investor confidence and public trust in the global capital markets. The CAQ fosters high quality performance by public company auditors, convenes and collaborates with other stakeholders to advance the discussion of critical issues requiring action and intervention, and advocates policies and standards that promote public company auditors’ objectivity, effectiveness and responsiveness to dynamic market conditions.  Based in Washington, D.C., the CAQ is affiliated with the American Institute of Certified Public Accountants. For more information, visit www.thecaq.org.