The Securities and Exchange Commission today welcomed the announcement by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) of a memorandum of understanding about their work plans from 2006-2008. Those plans indicate a commitment to make measurable progress towards improved and converged standards in a number of areas over the next several years.
In recent weeks, SEC Chairman Christopher Cox has publicly stressed the agency's commitment to a "roadmap" for elimination of the requirement that foreign private issuers reconcile financial statements prepared using international financial reporting standards to the U.S. system of Generally Accepted Accounting Principles (GAAP). “The SEC is working diligently toward the goal of eliminating the existing IFRS to U.S. GAAP reconciliation requirement," he said today. "Achieving that goal depends on the contributions of many parties, including U.S. and international standard setters. This important step by IASB and FASB will help ensure that investor protection remains paramount in these efforts."
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