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SEC Chief Accountant speaks on convergence

  • IFRS - SEC Image

Sep 17, 2015

On September 17, 2015, the Securities and Exchange Commission (SEC) released the speech from the Chief Accountant of the SEC, James Schnurr, where at a conference of the American Institute of Certified Public Accountants (AICPA) in Washington, D.C., he discussed convergence and explained that he was "optimistic that I will be able to provide more clarity on the path forward in the next few months".

Mr. Schnurr stated that in his opinion, in the near term, the Financial Accounting Standards Board and International Accounting Standards Board should continue to focus on converging the standards. The boards should renew their commitment to cooperate and develop standards that eliminate differences between IFRS and U.S. GAAP whenever it meets the needs of its constituents and improves the quality of financial reporting.

Review the full text of Mr. Schnurr's speech on the SEC's Web Site.


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