Mr. Golden stressed that the FASB’s first priority is to improve U.S. GAAP; he spoke about the FASB’s simplification initiative and reducing complexity in U.S. GAAP. He also admitted the need for a complete conceptual framework to bridge gaps and minimize inconsistencies. These priorities have helped align some topics of U.S. GAAP and IFRSs (e.g., inventory balance sheets, development-stage enterprises, and extraordinary items), although sometimes the simplification of U.S. GAAP has resulted in conclusions different from those of the IASB on various topics (e.g., leases, impairment, classification and measurement, and insurance).
On the subject of international cooperation, Mr. Golden said:
I believe that continuing to work toward the development of more comparable global accounting standards is an important way to help reduce complexity. That’s why we continue to collaborate and cooperate with the IASB and national standards setters with an eye toward agreeing on and adopting standards that either are converged or that have the fewest possible differences.
The full text of Mr. Golden's speech is available on the FASB's Web site.