AICPA testifies in support of IFRSs
Oct 27, 2007
In our news story of 26 October, we reported on testimony by IASB Chairman Sir David Tweedie and FASB Chairman Robert Herz at a US Senate Subcommittee hearing on International Accounting Standards: Opportunities, Challenges, and Global Convergence Issues.
Excerpts from AICPA testimony:
I want to state as directly as possible that the AICPA supports the goal of a single set of high-quality, comprehensive accounting standards to be used by public companies in the preparation of transparent and comparable financial reports throughout the world. The debate or question should no longer be whether we move to convergence of high quality accounting standards, but how soon we can accomplish convergence....
The AICPA supports the elimination of the US GAAP reconciliation for foreign private issuers using International Financial Reporting Standards....
The AICPA supports giving US issuers an option to prepare financial statements in accordance with IFRSs as published by the IASB for purposes of complying with the rules and regulations of the SEC. Giving US issuers such an IFRS option will be yet another important step towards achieving the larger goal of a single set of high quality, comprehensive accounting standards to be used by public companies in the preparation of transparent and comparable financial reports throughout the world.