Securities and Exchange Commission Chairman Mary Schapiro May 18 reaffirmed the SEC's commitment to developing a single set of high-quality global accounting standards and disputed contentions that the United States was dragging its heels on adoption of international financial reporting standards.

In a speech videoconferenced to the CFA Institute's 2010 conference in Boston, Schapiro noted that the Financial Accounting Standards Board and International Accounting Standards Board continue to work to mesh IFRS and U.S. generally accepted accounting principles in certain key areas. Because accounting is an “unglamorous exercise,” she said, these efforts do not capture attention or generate news.

“From that news void, myths are emerging which suggest that the SEC has lost its commitment to ensuring the high quality and integrity of the financial reports filed by U.S. issuers—and, especially, that our commitment to international standards has flagged,” the SEC chairman said, adding that her goal was to “put those myths to rest.”

This article appeared in BNA's Accounting Policy & Practice Report on May 19, 2010.