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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.”

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