![]() Financial markets and investors, regardless of geographic location, depend on high quality information in order to function effectively. ![]() Our efforts to develop a global financial reporting framework have been guided by the cornerstone principle underlying our system of regulation - pursuing our mandate of investor protection by promoting informed investment decisions through full and fair disclosure. ![]() This globalization of the securities markets has challenged securities regulators around the world to adapt to meet the needs of market participants while maintaining the current high levels of investor protection and market integrity. investors have shown great interest in investing in foreign enterprises. An increasing number of foreign companies routinely raise or borrow capital in U.S. At the same time, the world's financial centers have grown increasingly interconnected.Ĭorporations and borrowers look beyond their home country's borders for capital. ![]() These developments have been attributable, in part, to dramatic changes in the business and political climates, increasing global competition, the development of more market-based economies, and rapid technological improvements. Over the last two decades, the global financial landscape has undergone a significant transformation. Gannon, Professional Accounting Fellow, Office of the Chief Accountant at (202) 942 4400. įOR FURTHER INFORMATION CONTACT: Sandra Folsom Kinsey, Senior International Counsel, Division of Corporation Finance at (202) 942-2990, or D.J. We will post electronically submitted comments on our Internet Web site at. Comment letters can be inspected and copied in our public reference room at 450 Fifth Street, N.W., Washington, D.C. S7-04-00 you should include this file number in the subject line if e-mail is used. You also may submit your comments electronically at the following e-mail address: All comment letters should refer to File No. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. One aspect of this is seeking input to determine under what conditions we should accept financial statements of foreign private issuers that are prepared using the standards promulgated by the International Accounting Standards Committee.ĭATES: Comments should be received on or before May 23, 2000.ĪDDRESSES: Please send three copies of your comments to Jonathan G. In this release, we are seeking comment on the necessary elements of such a framework, as well as on ways to achieve this objective. That is why we have pursued a dual objective of upholding the quality of financial reporting domestically, while encouraging convergence towards a high quality global financial reporting framework internationally. Our efforts, at both a domestic and international level, consistently have been based on the view that the only way to achieve fair, liquid and efficient capital markets worldwide is by providing investors with information that is comparable, transparent and reliable. SUMMARY: With the activities and interests of investors, lenders and companies becoming increasingly global, the Commission is increasing its involvement in a number of forums to develop a globally accepted, high quality financial reporting framework. INTERNATIONAL ACCOUNTING STANDARDSĪGENCY: Securities and Exchange Commission.ĪCTION: Concept release request for comment. SECURITIES AND EXCHANGE COMMISSION 17 CFR PARTS 230 and 240
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