In a comment letter submitted last Thursday to the Securities and Exchange Commission (SEC) on its proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Reporting Standards by U.S. Issuers, the American Institute of Certified Public Accountants (AICPA) voiced its support. The letter—authored by Institute chair Ernest Almonte and president Barry Melancon–notes that the “AICPA supports the goal of a single set of comprehensive accounting standards to be used by public companies in the preparation of transparent and comparable financial statements across the world and believes that one common accounting language would benefit investors as well as issuers. The AICPA said it believes that the standards issued by the International Accounting Standards Board (IASB) are best positioned to become those global standards.”
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