FASB trustees' statement on SEC work plan

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28 Feb 2010

The Trustees of the Financial Accounting Foundation (FAF), oversight body of the US Financial Accounting Standards Board, have issued a statement acknowledging "the SEC's leadership regarding its consideration of global accounting standards, including its continued support for the goal of a single set of high quality globally accepted accounting standards", as expressed in the Commission's recent Statement.

The FAF said:

Both the FAF and the FASB support the SEC's view that a single set of high-quality globally accepted accounting standards will benefit US investors. This goal is consistent with our mission of providing high quality standards for investors and capital market participants, which help ensure fair, orderly, and efficient markets, and assist in capital formation.

The FASB continues to aggressively pursue the goal of a single set of high-quality accounting standards with the International Accounting Standards Board (IASB), as evidenced by intensified work efforts between the two Boards on the convergence projects identified in the Memorandum of Understanding (MoU) with the IASB.

Click to Download the FAF Statement (PDF 65k).


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