FASB chairman's views on a global reporting system
31 Dec 2007
We have posted a speech by Robert H Herz, Chairman of the US Financial Accounting Standards Board, titled Towards a Global Reporting System: Where Are We and Where Are We Going?.
- Why the movement towards global financial reporting?
- But what exactly is the end goal?
- What are the key elements of such a system?
- Where are we now?
- So what's needed to achieve a global reporting system?
- What's needed internationally?
- What's needed in the US?
- OK, so where should we head?
- 'Mutual recognition' only
- 'Mutual recognition' plus 'two-GAAP' system for US registrants
- A single set of high-quality international standards for registrants (and perhaps others)
"FASB and FAF support option 3 (single set of high-quality international standards).... We advocate a well planned 'improve and adopt' approach to transitioning the US to IFRSs – improvement through continued joint projects between IASB and FASB in major areas, and directly adopt other parts of IFRS." |
Click to view Chairman Herz speech Towards a Global Reporting System: Where Are We and Where Are We Going? (PDF 70k)