IASB’s Hoogervorst Makes Case For IFRS Adoption in US; Goldschmid Warns of ‘The Dark Side’ if SEC Says No

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With a decision looming by the U.S. Securities and Exchange Commission on whether to permit or require U.S. public companies to file with the SEC using International Financial Reporting Standards, the Chairman of the International Accounting Standards Board, Hans Hoogervorst, called upon the SEC to reach a positive decision in support of IFRS. Hoogervorst’s remarks were in a speech delivered earlier today at an AICPA-IASB conference.

Hoogervorst's remarks were followed by a speech by IFRS Foundation Trustee (and former SEC Commissioner and General Counsel) Harvey Goldschmid. (Hoogervorst and Goldschmid served as co-chairs of the IASB-FASB Financial Crisis Advisory Group, prior to being named to their current positions with the IASB board and IFRS Foundation, respectively).

In my personal opinion, Hoogervorst and Goldschmid's remarks as to why the SEC should permit or require IFRS of public companies in the US, were along the lines of a good cop/bad cop duo. Goldschmid not only outlined the reasons in favor of moving to IFRS in the US (Hoogervorst did so at a 50,000 feet level, Goldschmid provided a more detailed glimpse), but Goldschmid also provided strong arguments as to what 'The Dark Side' would be if the SEC were to reach a negative decision regarding IFRS in the US.

A more detailed analysis of Hoogervorst and Goldchmid's remarks can be found here.

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