In recent months, issues surrounding international reporting have received heightened interest among financial executives. In response, Financial Executives International (FEI) released two comment letters regarding regulation efforts around global financial reporting. The letters (below) were distributed to attendees at FEI's Global Financial Reporting Convergence Conference in New York.
First, the Committee on Private Companies for FEI issued a comment letter to the International Accounting Standards Board in response to their exposure draft of its proposed International Financial Reporting Standard for Small and Medium-sized entities, which addresses the accounting and reporting requirements for entities that do not have public accountability.
In addition, FEI's Committee on Corporate Reporting released its views to the Securities and Exchange Commission's proposing release "Acceptance from Foreign Private Issuers of Financial Statements Prepared in Accordance with IFRS Without Reconciliation to U.S. GAAP," which outlines the SEC's "roadmap" to elimination of the requirement to reconcile IFRS filings to U.S. GAAP.
FEI is an advocate for the views of corporate financial management in the United States. It is a professional association of more than 15,000 CFOs, treasurers, controllers, and other senior financial executives. With approximately 7,500 members from private companies, FEI has a strong base of knowledge to draw upon with regard to the financial reporting needs and requirements of the private sector.