Statement by James Turley, Chairman and CEO, Ernst & Young LLP, on the Proposed IFRS...

Statement by James Turley, Chairman and CEO, Ernst & Young LLP, on the
Proposed IFRS 'Roadmap'

NEW YORK, Aug. 27 /PRNewswire/ -- Today the U.S. Securities and Exchange
Commission took its most significant step toward the adoption of a single set
of high quality global accounting and financial reporting standards that
everyone can use. The dominant language of financial reporting worldwide is
fast becoming IFRS and we applaud the Commission for approving for public
comment a proposed "Roadmap." Notwithstanding the strength and size of the
U.S. capital market, we cannot afford to be left behind.
In today's connected global economy, it's vital we all speak the same
"language." More than 100 countries require, permit or base their standards
on IFRS and the number is increasing. Disparate accounting standards benefit
no one. A common set of high quality standards provides a foundation for
capital market activity that promotes investment and strengthens economies.
A change to a common global accounting language will also benefit investors
and market efficiency by increasing the transparency and comparability of
information.
While there will be many challenges associated with conversion to IFRS, a
U.S. shift to the global standard will provide continuous benefit. With
respect to this matter, we believe that with today's action by the SEC, the
U.S. -- like the rest of the world -- is on the right path.
About Ernst & Young's International Financial Reporting Standards Group
The move to International Financial Reporting Standards (IFRS) is the
single most important initiative in the financial reporting world, the impact
of which stretches far beyond accounting to affect every key decision you
make, not just how you report it. We have developed the global resources --
people and knowledge -- to support our client teams. And we work to give you
the benefit of our broad sector experience, our deep subject matter knowledge
and the latest insights from our work worldwide. It's how Ernst & Young makes
a difference.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and
advisory services. Worldwide, our 130,000 people are united by our shared
values and an unwavering commitment to quality. We make a difference by
helping our people, our clients and our wider communities achieve potential.
For more information, please visit www.ey.com.
Ernst & Young refers to the global organization of member firms of Ernst &
Young Global Limited, each of which is a separate legal entity.
Ernst & Young Global Limited, a UK company limited by guarantee, does not
provide services to clients.
This news release has been issued by Ernst & Young LLP, a member firm of
Ernst & Young Global Limited.
SOURCE Ernst & Young

Catherine Pulley of Ernst & Young LLP, +1-202-327-5807,
catherine.pulley@ey.com