SEC Commented the Decision of IFRS is the Final Decision Since 1930
Paul A. Beswick who is the Chief of Accountant of United States SEC said the decision of IFRS in the world of accounting is final. A report said.
During a speech in the American Institute of CPAs (AICPA) conference, Paul A. Beswick made it clear that he does not want any alteration of the decision made by IFRS in the field of Accounting since that is a custom since 1930. Though he made his prime comment regarding the usefulness of SEC’s decision with IFRS he also added that some reforms could be done regarding this and the people should continuously stay tuned to the daily reports. Mr. Beswick also discussed numerous topics along with this and said that a number of alterations is needed regarding the financial issues in the near future. In a discussion on the different projects, the financial accounting standards Board and the international convergence of accounting standards Council (leasing, income, financial instruments and, to a lesser extent, if you're talking about, that the insurance contract), Mr. Beswick was promoted to the level of approximation.
Mr. Beswick continued lamenting that he could not do anything for the improvement of the financial conditions of the finalization of the accounting projects from investors. He also mentioned the challenges faced by achieving the converged approaches in implementing the standard for the projects in a global sphere. An independent review, the need for a strong internal control on financial reporting and a number of other issues, such as the different things in the report of the audit at the end of the debate is required if anyone wants to improve the world.
The representatives of the United States at the meeting of the SEC and the total number of issues related to international financial reporting standards. According to the chairman of high representative of the SEC Chief Accountant in accordance with the international financial reporting standards, will remain a summary of the report-freedom of expression. Julie A. Erhardt (SEC accounting chief) heart, so three recurring themes in support of the national adoption of international financial reporting standards: international financial reporting standards, instead of a term of reference of internal promotion in developing countries and international financial reporting standards, reduction of the capacity. Thus, all the financial regulation will be considered before taking any decision.
Start free ReadyRatios
reporting tool now!
Last Accounting News
- IASB consults Regarding Accounting Changes Concerning Interest Rate Benchmarks
- IASB Confirms One-year Delay for IFRS 17
- IFRS Foundation Publishes IFRS Taxonomy 2018
- IASB Urged to Improve Standards-setting Processes
- FSB Encourages Insurers to Act on the New Insurance Standard
- IFRS Foundation Trustees and the IASB Meets with the Japanese Stakeholders in the Wake of More Japanese companies Adopting IFRS Standards
- IASB Replaces IFRS 4 with the Issuance of a New Standard on Insurance Accounting