FAF/FASB Statement on Remarks of SEC Chief Accountant James Schnurr at AICPA Conference
Norwalk, CT, December 8, 2014—The Financial Accounting
Foundation (FAF) and the Financial Accounting Standards Board (FASB)
have issued a statement in response to remarks made today by U.S.
Securities and Exchange Commission (SEC) Chief Accountant James Schnurr
at the 2014 AICPA Conference on Current SEC and PCAOB Developments in
Washington, DC.
The following statement should be attributed to FAF/FASB spokesman Robert W. Stewart:
"We agree with Chief Accountant Schnurr that U.S. investors are best
served by an independent standard setter that is first focused on the
interests of those who participate in U.S. capital markets.
"We also believe it makes sense to explore whether there are ways to
remove barriers that might exist for companies that voluntarily choose
to offer investors a second set of financial statements prepared in
accordance with International Financial Reporting Standards (IFRS).
"We believe that voluntarily providing IFRS information on a
supplemental basis, subject to audit, SEC review and other regulatory
scrutiny, could be an important tool in fostering further convergence of
Generally Accepted Accounting Principles (GAAP) and IFRS."
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances
of both the Financial Accounting Standards Board (FASB) and its
counterpart for state and local government, the Governmental Accounting
Standards Board (GASB). The Foundation is also responsible for
selecting the members of both Boards and their respective Advisory
Councils.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the
designated organization in the private sector for establishing standards
of financial accounting and reporting. Those standards govern the
preparation of financial reports and are officially recognized as
authoritative by the Securities and Exchange Commission and the American
Institute of Certified Public Accountants. Such standards are essential
to the efficient functioning of the economy because investors,
creditors, auditors, and others rely on credible, transparent, and
comparable financial information. For more information about the FASB,
visit our website at www.fasb.org.