• Register
Return to: Home > News > Standards > Impact of Brexit and USA election on standard setting

Impact of Brexit and USA election on standard setting

The chairman of the International Accounting Standards Board (IASB), Hans Hoogervorst, has outlined the IASB’s work plans for the immediate future in the context Brexit and the USA presidential election.

Speaking at the American Institute of Certified Public Accountants (AICPA) annual conference he said that Brexit and the USA presidential election were the results of a “negative reaction to globalization”.

He mentioned no immediate consequences for IFRS as a global standard, but acknowledged that the trend towards growing global investment and trade could be interrupted.

The IASB remained keen to keep IFRS Standards closely converged with US GAAP, he added.

Also speaking at the AICPA conference FASB Chairman Russell Golden said: “I believe that working toward the development of more comparable global accounting standards is important to reducing complexity in financial reporting. That’s why we continue to collaborate and cooperate with the IASB and national standards setters with an eye toward agreeing on and adopting standards that promote common outcomes. [...]. We have continued to consult with the IASB on issues of mutual interest, even as we’ve strengthened our existing relationships with other standard setters. This has helped promote the broader flow of information and ideas that mutually inform each other’s thinking and contribute to an environment that will foster greater convergence.”

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.