New York – Jim Quigley, CEO Deloitte Touche Tohmatsu, today commended the U.S. Securities and Exchange Commission (SEC) for taking the next step toward the adoption of International Financial Reporting Standards (IFRS) within the U.S., and the ultimate development and adoption of a single set of globally accepted, high-quality financial reporting standards.

"The decision by the SEC to provide a comment period on a road map for the eventual adoption of IFRS by U.S. companies is essential to ensuring an orderly transition to a global system of financial reporting. An appropriate roadmap has been a critical enabler for the more than 100 countries in Europe and Asia that have successfully adopted or committed to transition to IFRS. Further, the SEC announcement is an important step on the journey to a common language for our global capital markets.

"Our capital markets are global, and the markets will be more efficient and effective with a common global language. I see today's action as a win-win for all capital market participants. It will also facilitate a more efficient allocation of capital across geographies, and ultimately enhance U.S. competitiveness."

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