SEC Considers New Global Accounting Rules

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Government officials are considering adopting a new common set of global accounting standards, a move that could affect professionals with finance experience on their resumes.

Representatives from the Securities and Exchange Commission (SEC) recently met global regulators in Beijing to discuss the American adoption of the International Financial Reporting Standards (IFRS). The standards help make markets more efficient by letting investors compare companies in different countries, according to The New York Times.

The international standards are used by a number of companies in many countries, including all nations in the European Union.

Sir David Tweedie, former chair of the International Accounting Standards Board, told the news agency that many countries will be angry if the U.S. does not agree to use IFRS in the future.

If the U.S. delays this indefinitely, or starts having lots of exceptions, I think the global standards will be damaged, he said. “Other countries will do exactly the same thing.”

The SEC is expected to make a decision on the international standards by early 2013.

According to the Bureau of Labor Statistics, employment opportunities for accountants and auditors are expected to increase by 16% through the end of the decade.

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