New IASB Chairman Optimistic SEC Will Move On IFRS Soon

Hans Hoogervorst, the International Accounting Standards Board's new chairman, said last week he is 'optimistic the SEC will move to fully incorporate IFRS shortly.' Hoogervorst became Chairman of the IASB on July 1, succeeding Sir David Tweedie, whose term ended June 30.

Among Hoogervorst’s former positions (see bio), he served as chairman of the executive board of the Netherlands Authority for the Financial Markets (AFM); chaired the IOSCO technical committee, and co-chaired the Financial Crisis Advisory Group (FCAG) jointly sponsored by FASB and the IASB.

Hoogervorst on IFRS Roadmap; Post-Convergence Agenda
In his welcome message, Hoogervorst notes that the IASB will soon publish a consultation document seeking comment on its post-convergence agenda.

Panelists for SEC IFRS Roundtable Announced; Comments on 'Condorsement' Due By 7/31
In related news, the SEC recently released the detailed agenda and list of panelists for its previously announced IFRS Roundtable, taking place tomorrow (Thursday July 7). As noted in the SEC's press release, the roundtable "will focus on topics such as investor understanding of IFRS, the impact on smaller public companies, and on the benefits and challenges of incorporating IFRS into U.S. public company accounting."

Reminder: the SEC requested comments by July 31 on its SEC staff paper outlining what is informally referred to as a 'condorsement' approach (a term coined by SEC Deputy Chief Accountant Paul Beswick) to using the FASB as the endorsement mechanism for IFRS in the U.S., in a role similar to that of some other national standard-setters in countries that have adopted IFRS.

Read more about the SEC's consideration of incorporating IFRS into U.S. financial reporting, in 'my two cents,' here.

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FEI Financial Reporting Blog provides highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. It is written by Edith Orenstein, Director of Technical Policy Analysis at FEI

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