FASB forum and webcast on global standards 16 June 2008

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15 Jun 2008

As an initial step toward the creation of a national plan for transition to IFRSs, the US Financial Accounting Standards Board, and its parent the Financial Accounting Foundation, will host a forum High-Quality Global Accounting Standards: Issues and Implications for US Financial Reporting on 16 June 2008, 9:00am to 4:00pm US EDT.

The forum will be held in New York City. It will consist of a panel discussion between FASB board members and invited representatives of users of financial statements, small and large companies both public and private, auditors, regulators, educators, and others representing facets of the US economy likely to be affected by a move from US Generally Accepted Accounting Principles to IFRSs. The stated goals of the forum are:
  1. to open the dialogue with our constituents about whether and how to move the US financial reporting system to IFRS, and
  2. to define the next steps in the process. A list of potential key issues to discuss includes the following:
Click for FASB Announcement with hyperlinks for more information (PDF 53k). The forum will be webcast. Click here for Webcast Details.

A list of potential key issues to discuss includes the following:

  • Should IFRS and US GAAP ultimately converge?
  • If so, how?
  • If so, when?
  • If so, for whom? Public companies, 'publicly accountable entities', private companies, not-for-profits?
  • If so, how will IFRS be interpreted across borders? What role will the SEC, PCAOB, and the international audit firms have in interpreting IFRS? Do the interpretations have to be the same across borders?
  • How would we prepare the US for the cultural shift to IFRS? Can the US cope with significantly less implementation guidance?
  • How do we assure constituents that their views will be heard and their ongoing needs will be met by an international standard setter?
  • Once converged, should there be only one standard setter?
  • What is the future role of the FASB?
  • Would US GAAP go away? What happens to the SEC guidance on financial reporting?
  • What are the implications for XBRL and the US GAAP Codification?
  • How would we mobilize the educational community to begin teaching IFRS?
  • How and when will the CPA exam change?
  • What are the banking and other regulatory issues that need to be addressed? Do US tax policies and other federal or state laws that interact with US GAAP need to be amended?
  • What other major issues should be considered?
  • What are the next steps in the process?

 

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