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Thursday, August 28, 2008

SEC to scrap GAAP for looser Euro rules

  UPDATE: Making sense of the SEC's push for Euro accounting rules in the U.S.: Link to PhillyDeals column here.
  ORIGINAL: The Securities and Exchange Commission, under pressure to ease any rule that makes it tougher for financiers to do business in the U.S. vs. less-restrictive Europe and other countries, has proposed to phase out Made-in-USA Generally Accepted Accounting Principles (GAAP) in favor of looser International Financial Reporting Standards. The switch would take place in stages, under the next President.
  Is this really better for investors, or is it SEC chairman Christopher Cox's economic development program to help Wall Street win back lost business from London and other, looser financial centers? SEC release here. 
Posted by Joseph N. DiStefano @ 11:06 AM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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