This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IASB vice-chairman speaks at AICPA conference

  • IASB speeches (dk green) Image

Dec 09, 2014

At the annual AICPA Conference on Current SEC and PCAOB Developments being held this week in Washington, D.C., IASB Vice-Chairman Ian Mackintosh delivered prepared remarks and subsequently participated in a panel discussion. In the discussion, Mr. Mackintosh reflected on the statement made earlier at the conference by SEC Chief Accountant James Schnurr about the possibility of permitting voluntary supplementary use of IFRSs in the United States.

In his prepared remarks, Mr. Mackintosh discussed the global success of IFRSs and noted the increasing relevancy of IFRSs to many American companies. He also discussed the FASB’s and IASB’s convergence projects, stressing the importance of the almost-finished leases project. “Convergence was not a perfect process but it was a good one and we achieved a great deal,” he said. “The similarities between the two sets of Standards are bigger than the differences.”

During the question-and-answer portion of the panel session, Mr. Mackintosh discussed Mr. Schnurr’s earlier remarks about the possibility of permitting voluntary supplementary use of IFRSs in the United States. He stated that he was pleased that the topic was back on the agenda and that Mr. Schnurr had worked so diligently and gotten up to speed since taking on the role of chief accountant two months ago. However, Mr. Mackintosh cautioned that renewed discussion of the topic had only begun and that success of the possible fourth approach would depend on how many registrants volunteer to provide the IFRS supplementation.

Mr. Mackintosh’s prepared remarks are available on the IASB’s Web site. His comments on Mr. Schnurr’s speech were provided by Deloitte observers.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.