International Business — An SEC Perspective

In January 2008, Christopher Cox, US SEC Chairman, gave an Address to the American Institute of Certified Public Accountants’ International Issues Conference. In his speech, titled International Business — An SEC Perspective, he notes that foreign trading activity in US securities is over $33 trillion. That’s more than twice the GDP of the European Union. He also says “So to sum up, this is what you need to know from the SEC’s standpoint: IFRS is coming. XBRL is coming. And mutual recognition is coming.”