Just as the payments infrastructure begins to address globalization and the need for seamless international transactions (SEPA, SWIFT, IAT – see previous posts here), the regulatory bodies are inching toward international accounting standards as opposed to separate, domestic accounting rules (more on IFRS vs. US GAAP). 

Christopher Cox, head of the SEC, wants a "public policy oversight body" for International Accounting standards to help make the International standard consistent with Sarbanes-Oxley.

Learn more:

• Wall Street Journal
• CFO Magazine: Financial Executives to Chime In
• CFO Magazine: All Sides Warm to IFRS as Global Standard