AICPA Council designates IASB as a recognised standard setter
20 May 2008
The governing Council of the American Institute of CPAs (AICPA) has voted to designate the International Accounting Standards Board as the recognised accounting standard setter for purposes of establishing international financial accounting and reporting principles.
Technically, the Council's vote amends AICPA Ethics Rules 202 and 203, thereby providing AICPA members with the option to use International Financial Reporting Standards (IFRSs) without any need to reconcile to US GAAP figures:
This designation applies to all IFRSs, including the planned IFRS for SMEs. With the Council's vote to designate the IASB, the AICPA's Auditing Standards Board and Accounting and Review Services Committee will now prepare clarifying language on how to modify audit, review, and compilation reports when reporting on financial statements prepared in accordance with IFRSs. Other bodies designated by Council to promulgate accounting standards under Rules 202 and 203 are:
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Under Rule 202, a member who performs professional services shall comply with the standards promulgated by the designated bodies. Additionally, a member may not say that financial statements are in accordance with generally accepted accounting principles unless they follow the standards promulgated by a standard setter listed in Appendix A of Rule 203. |
- The Financial Accounting Standards Board (FASB)
- The Governmental Accounting Standards Board (GASB)
- The Federal Accounting Standards Advisory Board (FASAB)
Click to view the AICPA Press Release (PDF 44k).
