Feds proposing to allow use of foreign accounting rules in US

Have you seen the article in today's New York Times:

"Accounting Plan Would Allow Use of Foreign Rules"

By STEPHEN LABATON
Published: July 5, 2008

Here are the first two paragraphs:
"WASHINGTON — Federal officials say they are preparing to propose a series of regulatory changes to enhance American competitiveness overseas, attract foreign investment and give American investors a broader selection of foreign stocks.

The regulatory changes are on the agenda of Christopher Cox, chairman of the Securities and Exchange Commission.
But critics say the changes appear to be a last-ditch push by appointees of President Bush to dilute securities rules passed after the collapse of Enron and other large companies — measures that were meant to forestall accounting gimmicks and corrupt practices that led to those corporate failures"

For more information see the article in the NYTimes http://www.nytimes.com/pages/business/index.html
retrieved July 5, 2008

See also resources available on the SEC website http://www.sec.gov, especially
http://www.sec.gov/spotlight/ifrsroadmap.htm

and/or consult your friendly librarian for more info