Experts from outside the United States last week publicly aired their suspicions about a U.S. land grab,in the area of accounting rulemaking, that is.

As the SEC’s comment period on its proposal to eliminate the need for reconciliation between the U.S. generally accepted accounting principles (GAAP) and the International Financial Report Standards came to a close last week, several observers expressed anxiety that the commission could begin to overstep its bounds.

“There’s a paranoia around the world that the SEC might become the world standard-setter,” Anthony Cope, a recently retired member of the IASB, said Thursday during a speech in Boston. “It’s a risk.”

& #8226;


Read the full CFO magazine story

.