A property-casualty insurance trade group said today it backs Securities and Exchange Commission efforts that could lead to the adoption of International Financial Reporting Standards (IFRS) for traded U.S. companies.
The comment from the Property Casualty Insurers Association of America (PCI) followed the SEC's announcement last week that it will publish for public comment a proposed "Roadmap" that could lead to the use of (IFRS) beginning in 2014.
Jim Olsen, PCI director of insurance accounting and investment, said PCI will be submitting comments and "our position is we support one global set of high quality [accounting] standards."
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