SEC Challenges Global Sustainability Reporting Standards

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SEC Challenges Global Sustainability Reporting Standards
Photo: Manuel Balce Ceneta AP/TT

Multinational major companies that use international accounting standards may soon lose the nearly 20-year exemption from American accounting requirements.

Paul Atkins, head of the US financial supervision SEC, threatens with a review of how this works.

Atkins turns, among other things, against how international accounting principles focus on climate reporting instead of focusing on what investors need, according to a speech at the economic cooperation organization OECD in Paris.

The statement is made after the international foundation that develops global accounting rules, IFRS, recently created a sister body to its accounting board that will develop regulations for sustainability reporting. Among other things, Atkins says that IFRS should prioritize away "odd and speculative issues".

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By TTEnglish edition by Sweden Herald, adapted for our readers

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