Wednesday, September 3, 2008

FASB Chairman on IFRS

In an interview published in the September issue of Financial Executive Magazine, published by FEI, FASB Chairman Robert H. Herz advocated for FASB’s ‘improve and adopt’ approach to IFRS, said ‘going forward it is our intent to have identical standards’ to IFRS, and called for the formation of a national steering group to address issues relating to the move to IFRS. Read the full interview, conducted by Ellen M. Heffes, Editor-in-chief of the magazine. (NOTE: You will be prompted to create a free, online login account to read articles in our magazine if you are not an FEI member; see info on FEI membership, or for more info on membership, contact Nancy Ehlers, Manager, Membership and Chapter Relations, at 973-765-1099).
In related news - also in the September issue of Financial Executive Magazine - see FEI President and CEO James J. Abel’s
President’s Page on: “Ramping Up Awareness of Convergence Process,” and see this month’s Washington Insights column, by Christine DiFabio, Vice President, Technical Activities.

Private Cos Will Be Impacted Too
Public companies aren’t the only ones that will be impacted by the move to IFRS which will be set forth in SEC’s proposed FRS Roadmap approved for release for a 60 day comment period last week. (The comment period will begin 60 days after publication in the Federal Register; see our
earlier coverage of SEC's Aug. 27 meeting.)

Herz noted in his FEI interview that the move to one set of global standards – with “a single global standard-setter… that will likely be IASB” – raises issues for private companies as well as public companies. He noted the Private Company Financial Reporting Committee (
PCFRC) - jointly sponsored by FASB and the AICPA has been discussing this topic. (See also PCFRC Sept. 18-19 meeting agenda and related materials).

Separately, the IASB recently
announced that it will hold a live webcast (taking questions from participants) on its IFRS for Private Entities project on Sept. 10.

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