Sebi ready for common accounting system, US SEC has resvns

At the thirty-second IOSCO conference, the annual global conference of market regulators from across the world, which is on in Mumbai currently, most regulators, except the US Securities and Exchange Commission, or US SEC, agreed to a common accounting system.

The International Financial Reporting Standards, or IFRS accounting standards is a common global accounting framework and has been agreed upon by most regulators, but it is the global "Big Brother" US that has reservations.

Market regulators want a common global accounting framework so as to make transactions easier. It is ironical to see that while the Sebi has expressed its keeness to move to the IFRS system, the US SEC is not ready - at least not for full convergence.