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FASB Chairman on IFRSs: “one size does not fit all”

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Aug 11, 2015

On August 11, 2015, the Financial Accounting Standards Board (FASB) released it's latest issue of the FASB’s quarterly e-newsletter, "FASB Outlook," where Chairman Russ Golden discusses the importance of “comparable” global accounting standards while noting that the United States is “unlikely” to adopt IFRSs or give public companies the option of using IFRSs when filing financial statements with the SEC.

Mr. Golden explains the lack of U.S. support for mandating IFRSs:

Perhaps the most important driver of this development is the increased recognition among U.S. stakeholders that legal, regulatory, and cultural differences among and between jurisdictions are likely to result in at least some variation in the way that accounting standards are written, applied in practice and enforced. In short, it has become clear that one size does not fit all.

That said, we at the FASB continue to believe that global accounting standards should be as comparable as possible — and we remain fully committed to the long-term, aspirational goal of developing global accounting standards that have the fewest possible differences.

For more information, see "From the Chairman's desk" in the FASB Outlook newsletter on the FASB’s Web Site.

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