FAF/FASB Statement on Remarks of SEC Chief Accountant James Schnurr at AICPA Conference
Norwalk, CT, December 8, 2014—The Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) have issued a statement in response to remarks made today by U.S. Securities and Exchange Commission (SEC) Chief Accountant James Schnurr at the 2014 AICPA Conference on Current SEC and PCAOB Developments in Washington, DC.
The following statement should be attributed to FAF/FASB spokesman Robert W. Stewart:
“We agree with Chief Accountant Schnurr that U.S. investors are best served by an independent standard setter that is first focused on the interests of those who participate in U.S. capital markets.
“We also believe it makes sense to explore whether there are ways to remove barriers that might exist for companies that voluntarily choose to offer investors a second set of financial statements prepared in accordance with International Financial Reporting Standards (IFRS).
“We believe that voluntarily providing IFRS information on a supplemental basis, subject to audit, SEC review and other regulatory scrutiny, could be an important tool in fostering further convergence of Generally Accepted Accounting Principles (GAAP) and IFRS.”
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.