The SEC and the Federal Reserve strongly support efforts to harmonize international accounting standards in ways that achieve high-quality standards for global firms, including banking organizations. I believe that U.S. banking organizations and their auditors should focus more attention on the initiatives of the IASB in view of these developments and the requirements of the new legislation.
In conclusion In conclusion, steps to restore public confidence in the U.S. capital markets have begun, yet the need for a cultural change in the accounting profession, in addition to more regulation, is evident. We have seen all too well that the actions of a few can easily bring down a firm built primarily of good practitioners.