In a recent statement, Ms Mary J. White, who will hand in to the new administration her position as SEC Commissioner, encourages FASB (Financial Accounting Standards Board) and IASB to continue their cooperation: “Building high-quality, globally accepted accounting standards requires that the Commission support further efforts by the [Financial Accounting Standards Board] and [the International Accounting Standards Board] on convergence between their accounting standards to enhance the quality and comparability of financial reporting — both domestically and across borders.”
This statement was reproduced in an article recently published in the online specialized magazine “CFO” briefly presenting the quite troublesome progress of the relationship between FASB and IASB over Ms White’s term: „The decade-long push to develop a single set of high-quality global accounting standards dwindled during White’s term of office. Last year, it appeared to reach a definitive end when the U.S. Financial Accounting Standards Board and the U.K.-based IASB issued separate lease accounting standards, rather than meld them into the one converged standard that had long been planned.”
However, considering the significance of developing globally-accepted accounting standards for the protection of investors and market consolidation, FASB and IASB standards convergence must remain one of the highest priorities for the SEC new governing structures.
The complete article as well as Ms White statement can be viewed online on the CFO Webpage.
