Representatives of the SEC, PCAOB, and FASB Testify Before Congress on Financial Reporting Standards

Published on: 25 May 2010

Last Friday, James L. Kroeker, chief accountant in the SEC’s Office of the Chief Accountant; Daniel L. Goelzer, acting chairman of the PCAOB; and Robert H. Herz, chairman of the FASB, testified before the U.S. House of Representatives Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Entities about pending proposals and emerging issues associated with accounting and auditing standards. In their remarks before Congress, Mr. Kroeker and Mr. Herz touched on convergence of U.S. and global financial reporting standards and recent accounting and reporting challenges, including securitizations and other involvements with special-purpose entities, fair value, and impairments. Mr. Goelzer testified about the PCAOB’s response to audit issues raised by the financial crisis, its standard-setting initiatives, and the Supreme Court case challenging the Board’s constitutionality.

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