SEC aims to close the Gaap by prolonging consultation period on accounting rules

The extra 60 days for public comment on the amalgamation of US and international accounting standards does not signify a stalling of the process, says a financial accounting chief

The new chairman of the SEC, Mary Schapiro, has extended the period for public comment on the proposed integration of US and international accounting standards, but one expert in the field says that it's important not to read too much into the 60-day extension.

"Given what's going on, she has her plate full improving the SEC's capability to regulate the markets," says Jiro Okochi, CEO and co-founder of Reval, the derivative risk management and hedge accounting company. "It's clearly under