SEC Commissioner Speaks to Institute of International Bankers

SEC Commissioner Annette Nazareth spoke yesterday at the Institute of International Bankers annual convention. Her speech should be posted to the SEC's web site shortly. Nazareth discussed efforts at convergence of US GAAP with the International Financial Reporting Standards. FASB and the IASB have been working closely to harmonize the two financial reporting systems. Nazareth told the bankers that convergence will require both the FASB and IASB to compromise in some areas.