I did and still do consulting outside the United
States. I never have a problem reading financial statements overseas,
though I work in a dozen countries with five different languages,
because the non-American companies all use the same International
Accounting system. They all have the same chart of accounts. I can
read financial statements without knowing the language they are written
in.
The SEC is considering a proposal to allow foreign companies to use the International Accounting standards for their SEC reporting and annual report filings.
International Accounting standards
are different and the inherent logic is different but it is just as
accurate and just as reliable as the American Accounting system.
I support his move 100%. It will probably lead to some American companies feeling free to do the same thing. Another good thing in a global, English speaking, American dominated, commercial world.
Write your letters of support for permission to use International Accounting standards to: Christopher Cox, Chair SEC [email protected]