US SEC Chairman speaks on IFRS in United States
At the FEI 2008 Current Financial Reporting Issues Conference in New York on 18 November 2008, the US SEC Chairman Christopher Cox spoke on The Future of International Standards and Cooperation In Light of the Credit Crisis. Among other things highlighted by him are the principles that are critical to the success of IFRSs as 'a uniter of the world's capital markets and a powerful tool for investors everywhere':
- First, the standards must be crafted in the interest of investors.
- Second, the standard setting process must be transparent, not only to maintain investor confidence, but also to ensure the integrity and quality of the standards.
- Third, the standard setter must be independent from the political process, from favored industries or industry players, and from national or regional biases to developed unbiased standards that foster investor confidence and transparency.
- The standard setter must also be accountable by ensuring that IFRS actually meet the needs of investors and other stakeholders, and that they are updated in a timely way.
- And finally, it is vitally important that all the stakeholders themselves participate in the standard setting process in order to ensure the continued success of IFRS.