Statement by Chairman Schapiro on IASB and FASB Commitment to Improve
IFRS and U.S. GAAP and to Bring About Their Convergence
FOR IMMEDIATE RELEASE 2009-237
Washington, D.C., Nov. 5, 2009 — SEC Chairman Mary L. Schapiro
today made the following statement:
"I am greatly encouraged by the commitment of the IASB and the FASB
to provide greater transparency to the standard setting process and
their convergence efforts. I believe that these efforts will result in
improved financial information provided to investors."
Background
Today, the Financial Accounting Standards Board (FASB) and the
International Accounting Standards Board (IASB) issued a statement
reaffirming the Boards' commitment to improving International Financial
Reporting Standards (IFRS) and U.S. Generally Accepted Accounting
Principles (U.S. GAAP). In the statement the IASB and the FASB described
their plans to strengthen their efforts for completing the major projects
in their Memorandum of Understanding (MoU) by 2011. The publication of
this statement is intended to provide an understanding of the progress
that is being made by the Boards on these projects and to address public
concerns regarding the potential of the two Boards to reach different
conclusions in the major projects in the MoU. The respective oversight
bodies of the IASB and the FASB also issued a statement fully supporting
the efforts of the IASB and the FASB in reaching improved and converged
global accounting standards.
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