Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.
In advance of a formal decision by the FAF on a differential framework for making exceptions and modifications to GAAP for private companies, the FASB has taken steps to identify and make decisions/tentative decisions regarding current accounting standards.
Last week, FASB’s parent body, the Financial Accounting Foundation (FAF), announced the appointment of Charles H. (‘Chuck’) Noski as Chairman of the Financial Accounting Standards Advisory Council (FASAC). Noski, appointed for a three-year term beginning Jan. 1, 2012, succeeds Dennis H.
The IFRS Foundation, which oversees and fundraises for the IASB, announced today the appointment of Michel Prada as Chairman of the IFRSF Board of Trustees.
James Kroeker, the SEC chief accountant, said last week that the SEC staff will need "at least a few more months" to complete its work on a report to the commission that will show the impact of adopting IFRS on US companies and capital markets. The SEC will study the staff report before making a decision.
The SEC's Chief Accountant, Jim Kroeker, told an AICPA conference on Dec. 5, 2011 that the SEC staff's report on International Financial Reporting Standards, completing the SEC Staff's Work Plan requested by the Commissioners to inform their decision on whether to permit or require public companies to report to the Commission using IFRS instead of U.S. Generally Accepted Accounting Principles, will take 'a few additional months."
Earlier this week, FASB released its revised Exposure Draft on Revenue Recogntion. The comment deadline is March 13, 2012. Read more about this development here.
The IFRS Foundation, which oversees and fundraises for the IASB, announced today the appointment of Michel Prada as Chairman of the IFRSF Board of Trustees.
