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FASB Chairman Comments on Possible International Accounting Group

In an effort to boost the organization’s outreach to foreign standard-setters, Financial Accounting Standards Board (“FASB”) chairman Russell Golden has announced plans to create an informal network of accounting bodies. At the American Institute of Certified Public Accountants’ National Conference on Banks and Savings Institutions last week, Golden said the international group would acknowledge the International Accounting Standards Board’s (“IASB”) one size fits all approach is not conducive to ongoing U.S. GAAP and International Financial Reporting Standards (IFRS) convergence efforts, and differences among accounting standards will continue to occur. Hoping to hold the first meeting by year’s end, the network. Read More.

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Second FAF Payment Sent to IFRS Foundation

As part of the convergence process between the International Accounting Standards Board (“IASB”) and Financial Accounting Standards Board (“FASB”), the Financial Accounting Foundation (“FAF”) has sent the second $1 million payments to the IFRS Foundation. The second installment occurred in June and a final payment is expected later this year. FAF trustees have not recently discussed the third payment and do not plan to anytime soon, and the subject was not mentioned during the public portion of the August 19th quarterly meeting. Due to previous complaints, the lack of discussion is surprising to some. Before being announced, Securities and Exchange. Read More.

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Lawmakers Want SEC to Take Cautious Approach to IFRS

Concerned that U.S. adoption of IFRS would do more harm than good for investors, members of the Congressional Caucus on CPAs and Accountants recently expressed their sentiments to U.S. Securities and Exchange Commission’s (“SEC”) Mary Jo White. In a letter to the SEC Chair, the lawmakers asked White to be cautious in the agency’s convergence projects with the Financial Accounting Standards Board (“FASB”) and International Accounting Standards Board (“IASB”), as well as incorporate public comment before making a decision. In response to the lawmakers’ letter, a spokeswoman for the SEC declined to comment. Since becoming SEC Chair last year, White. Read More.

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IASB Vice Chair Denounces FASB’s Separate Agenda

After working with the Financial Accounting Standards Board (“FASB”) for 12 years on merging U.S. GAAP and International Financing Accounting Standards (IFRS), the International Accounting Standards Board’s (“IASB”) Ian Mackintosh recently criticized the FASB for its decision to stray from their original course of action. Speaking at the IFRS Foundation Conference on June 23rd, the IASB Vice Chair acknowledged the successes of IFRS adoption in over 100 nations, but condemned the FASB for diverging from the goal of creating a single set of global standards. In his speech, Mackintosh called out FASB Vice Chair James Kroeker for comments perceived as. Read More.

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Mary Jo White Says SEC Statement on IFRS Coming Soon

Despite uncertainty regarding the agency’s next steps, U.S. Securities and Exchange Commission’s (“SEC”) Mary Jo White reaffirmed that International Financial Reporting Standards (IFRS) continue to be a top priority. After a June 20th speaking engagement with the Economic Club of New York, the SEC Chair remarked that her agency will have an updated IFRS statement in the near future, but is unsure what details it could contain. Per White, the last major issue relates to whether or not, and to what degree could IFRS be offered to domestic issuers. When issued, the SEC’s statement will be the first concerning IFRS. Read More.

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