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Accountancy Slice
North America
The SEC is advocating for enhanced collaboration between U.S. and international accounting standard-setters to reduce costs and complexity for multinational firms. During AICPA's Conference on Current SEC and PCAOB Developments, SEC chair Paul Atkins emphasized the need for accountants to "get back to basics," focusing on integrity and objectivity. Chief accountant Kurt Hohl highlighted the importance of cooperation between the FASB and the International Accounting Standards Board (IASB) to expedite the development of high-quality standards. Hohl noted: "If the IASB takes up a topic first . . . they can basically learn from the feedback that the IASB has gotten." The SEC's push for convergence could signal a renewed effort to align U.S. GAAP with international standards, benefiting investors and reducing compliance costs.
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