SEC’s White Speaks at Trustees Dinner
At the May 20th Financial Accounting Foundation Trustees Dinner, U.S. Securities and Exchange Commission (“SEC”) Chair Mary Jo White reflected on global accounting standards matters concerning the SEC. During the event in Washington, D.C., she hinted that the SEC is still considering the addition of International Financial Reporting Standards (“IFRS”) for domestic registrants. Although no timetable was given for when the issue would be addressed, White noted that the interests of U.S. investors would be front and center during the IFRS consideration process. White also supported the opinions expressed by other SEC members. Such views included the country’s role in helping develop global standards and the Financial Accounting Standards Board (“FASB”) remaining the top standard setter for U.S. companies.
White’s speech also included thoughts on the FASB, the Division of Enforcement emphasizing on prosecuting financial fraud prosecution and the SEC’s project on disclosure effectiveness. Regarding the disclosure effectiveness project, White has requested SEC staff to review the existing audit committee report to become more valuable to investors. “The audit committee reporting requirements have not changed significantly in a number of years and I think it is time to take a look at whether improvements can be made,” says White.
To view White’s remarks in their entirety, click here.