Representatives of the of the Financial Accounting Standards Board and the
Organismo Italiano di Contabilità Hold Meeting in Rome
Representatives
of the Financial Accounting Standards Board (FASB) and the Organismo Italiano di
Contabilità (OIC) met on May 30, 2017 in Rome, Italy. Those participating from
the OIC were the President of the International Accounting Committee, Alberto
Giussani, and staff and from the FASB was R. Harold Schroeder, Board Member, and
some staff members.
At this meeting, the FASB and the OIC both provided
updates on their respective activities. As for the technical topics, the FASB
and the OIC had an exchange of views on implementation activity regarding the
standards on revenue and leases, on future projects and on the IASB’s projects
including Insurance Contracts and Accounting Policies and Accounting Estimates
(Proposed amendments to IAS 8).
The OIC President of the International
Accounting Committee, Alberto Giussani, commented: “I am very pleased that the
meetings with the FASB are repeated in order to have a fruitful exchange of
views on some topical technical issues of common interest and to explore
opportunities to cooperate. Especially I found very interesting the discussion
on the FASB implementation process.”
FASB Member R. Harold Schroeder
commented: “Following the success of last year’s joint meeting in Norwalk,
Connecticut, the FASB welcomed the opportunity to resume our discussions with
the OIC. We engaged in productive dialogue on new standards and projects in
progress, and we look forward to continuing this exchange of ideas to advance
our shared objective of increased global
comparability.”
Contacts:
OIC
Secretary,
Organismo Italiano di Contabilità
Telephone: +39.06.6976681
Email: presidenza@fondazioneoic.it
FASB
Christine L. Klimek
Senior Manager, Media Relations, Financial
Accounting Foundation
Telephone: 203-956-3459
Email: clklimek@f-a-f.org
About
the Organismo Italiano di Contabilità (OIC)
The Organismo
Italiano di Contabilità (OIC) was formed in 2001 as a registered Foundation, in
response to the need perceived by the main public-sector and private-sector
parties to establish a National Standard Setter that would be appropriately
representative and would voice national opinions on accounting matters.
The OIC is responsible for issuing the national accounting standards for
preparing financial statements under Civil Code and participates to the
international standard-setting process, cooperating with the IASB, the EFRAG, of
which it is also a member, and other accounting bodies. Moreover, OIC provides
support to the Legislator in accounting matters and gives advice, if set by law
or upon request by the public institutions.
For more information about
the OIC, visit its website at http://www.fondazioneoic.eu/?lang=en
About the Financial Accounting Standards Board (FASB)
Established in 1973, the FASB is the independent, private-sector organization,
based in Norwalk, Connecticut, that establishes financial accounting and
reporting standards for public and private companies and not-for-profit
organizations that follow Generally Accepted Accounting Principles (GAAP). The
FASB is recognized by the Securities and Exchange Commission as the designated
accounting standard setter for public companies. FASB standards are recognized
as authoritative by many other organizations, including state Boards of
Accountancy and the American Institute of CPAs (AICPA). The FASB develops and
issues financial accounting standards through a transparent and inclusive
process intended to promote financial reporting that provides useful information
to investors and others who use financial reports. The Financial Accounting
Foundation (FAF) supports and oversees the FASB. For more information, visit http://www.fasb.org/.