FASB and IFRS Adoption in U.S.

In an article on CFO.com, David Katz outlines comments made by investor group representatives to the SEC about the future role of the FASB when the U.S. transitions to IFRS.

The comments were made at a roundtable meeting between the SEC and representatives of institutional investors that was organized to discuss the recent SEC staff paper on U.S. adoption of IFRS.  During the meeting, some attendees indicated that, should the U.S. transition to IFRS for public company reporting, they would hope that the FASB continue its significant direct involvement in IASB standard-setting activities.   However, they expressed concern that after the U.S. transitions to IFRS, the IASB might significantly reduce the FASB’s representation on its board.

Currently, three FASB members are also members of the IASB.  The two groups also exchange staff and meet regularly to discuss (and deliberate on) issues of mutual interest, such as convergence related agenda projects.

Mr. Katz article is available at: http://www.cfo.com/article.cfm/14587240/c_14588290?f=archives&origin=archive

About docjonz

I am an Associate Professor of accounting at Hofstra University in Hempstead, NY. Additionally, I have more than 30 years of professional accounting experience in various capacities including auditing, accounting standard setting and corporate accounting policy.
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One Response to FASB and IFRS Adoption in U.S.

  1. R. D. Nair says:

    Interesting post, since I have been an IFRS-sceptic myself.

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