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FASB Chairman discusses international collaboration

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

Dec 06, 2016

On December 6, 2016, the Financial Accounting Standards Board (FASB) released a speech by FASB Chairman, Russell Golden, where he spoke about the FASB's priorities as the “Five Is” - one of which is “International”, during the annual AICPA Conference on Current SEC and PCAOB Developments.

Mr. Golden explained that after winding down its bilateral working relationship with the IASB, the FASB chose a new approach to achieve greater comparability of global standards: (i) through the continued development and improvement of GAAP, (ii) by actively participating in the development of IFRS, and (iii) by enhancing relationships and communications with other national standard-setters.

In the context of strengthened relationships with other national standard-setters, Mr. Golden mentioned individual meetings with standard-setters from Canada, Japan, China, South Korea and other countries and explained that the FASB expects to have joint meetings with them in 2017 to talk about respective priorities and future initiatives. He concluded: "Such relationships help us improve financial reporting, while at the same time bringing us all closer to common solutions around the globe."

Review the full transcript of the speech on the FASB’s website.

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