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    03.31.15 Dennis J. Block Center for the Study of International Business Law Hosts SEC Commissioner Stein
    Brooklyn Law School SEC Commissioner Stein

    Kara M. Stein, Commissioner of the U.S. Securities and Exchange Commission, was the featured speaker at the Dennis J. Block Center for the Study of International Business Law Breakfast Roundtable on March 26.

    In her address, International Cooperation in a New Data-Driven World, Stein discussed  her views on international accounting rules and called for an end to the long-running debate over whether the US should switch to global accounting standards, saying alternatives should be explored that incorporate only the best of the U.S. rules. Whether the SEC should phase out generally accepted accounting principles (GAAP) in favor of international financial reporting standards (IFRS) was less important than simply “moving on” from the current stalemate, she said.

    "We can adopt the best of what we have here in U.S. GAAP, in IFRS, and the best of the new thinking out there," Stein said.

    Stein also remarked on the need for better international collaboration in financial regulation, especially to establish minimum standards for swaps margins.

    “While the concept of swaps reporting is simple, the execution to date has not been. Five years into global reform of the swaps market, and regulators in the U.S. and around the world have encountered significant obstacles to obtaining usable data for themselves, let alone trying to aggregate that data across borders,” she said.

    Read the full transcript of Commissioner Stein’s remarks.

    For further reading:

    SEC's Stein calls for ending debate over dueling accounting rules (Reuters)