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SEC Chief Accountant speaks about IFRSs

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06 Jun 2007

Conrad Hewitt, the Chief Accountant of the US Securities and Exchange Commission, spoke about International Accounting Convergence at the recent IASC Foundation IFRS Conference in Zurich.

Major themes in his remarks included reducing complexity in financial reporting, how strong internal controls improve the application of accounting standards, interactive data including XBRL, and the challenge to regulators of national and regional variations of International Financial Reporting Standards. An excerpt:

The contemplation of the possibility of eliminating an IFRS to US GAAP reconciliation requirement, however, was written in the context of statements that comply with IFRSs in the form issued by the IASB as opposed to in the context of 'recognition' of financial statements prepared using jurisdictional versions of IFRSs pursuant to which the financial statements cannot also be asserted to comply with IFRSs itself. To the Roadmap's goal of the benefits of having a single set of global standards, I encourage companies moving to IFRSs to walk the extra mile and adopt IFRSs as issued by the IASB.

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