AICPA Tells Congress Uniform Accounting Standards Will Encourage Capital Flow, Financial Reporting System Needs to Be Modernized.

• Position: American Institute of Certified Public Accountants - Brief Article

In testimony before a House of Representatives committee, the AICPA said that uniform international accounting standards will encourage the global flow of capital, but that standard setters, regulators and the accounting profession should carefully consider the need to modernize the financial reporting system as well. Former AICPA Chairman of the Board of Directors Robert K. Elliott delivered the testimony.

"Globally compatible financial presentations will make it easier for investors to compare companies and for companies to file in different markets," said Elliott...