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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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IASB Chairman, Ex-SEC Chair Swap Words over U.S. IFRS Adoption

After hearing former U.S. Securities and Exchange Commission (“SEC”) Chairman Christopher Cox drop support of the U.S. adopting International Financial Reporting Standards (IFRS), International Accounting Standards Board (“IASB”) Chairman Hans Hoogervorst expressed disproval of Cox’s newfound stance. Although Cox supported U.S. adoption last fall, his comments at the June 5th University of Southern California’s Financial Reporting Conference reflect criticisms of the IASB and the IFRS Foundation. Cox claimed the IASB lacked independence from regional predispositions, accountability to regulators and other standard-setting bodies, and believes the board is unresponsive to the country’s interests. Regarding Cox’s reversal of opinion, Hoogervorst reaffirmed the IASB’s support of serving investors, and believed Cox’s viewpoint has changed from. Read More.

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Former SEC Chair Uncertain of U.S. IFRS Adoption

Speaking at the recent “SEC and Financial Reporting Institute Conference”, former U.S. Securities and Exchange Commission (“SEC”) Chair Christopher Cox opined that he doubts a U.S. adoption of International Financial Reporting Standards (IFRS) could occur. Sharing thoughts contradictory from his actions as SEC Chair, Cox concluded that the opportunity for the U.S. to adopt IFRS has passed and too much time had wasted without any significant progress being made.  Referencing the lack of a current plan that considers U.S public companies to utilize IFRS voluntarily, Cox used the shortcoming as an example of resistance to convergence. Despite Cox suggesting the. Read More.

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Revenue Recognition Will Never Be the Same

It has taken over five years of debate to develop, but on May 28th the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers: Topic 606, creating a new codification topic and ushering in a new era of revenue recognition. This new standard is a major achievement of the International Accounting Standards Board (“IASB”) and FASB joint project to converge U.S. GAAP and International Financial Reporting Standards (“IFRS”). With this release, the FASB has now replaced hundreds of industry specific guidance pages with a single, comprehensive standard applicable to virtually all industries that. Read More.

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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. Read More.

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