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Make USA GAAP great again not a new motto, Hoogervorst tells ECON

The IASB chairman Hans Hoogervorst and IFRS Foundation Trustees chairman Michel Prada met with newly re-elected chairman of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament, Roberto Gualteri .

Following some short introductory remarks, parliamentarians could ask questions and inevitably the potential impact on the international financial reporting landscape of the election of Donald Trump as USA President came up.

Hoogervorst replied that ‘make USA GAAP great again’ had been a motto of USA accounting well before the election.

Away from the USA presidency topic, Gualteri highlighted that the relationship between the European Parliament and the IASB had markedly improved over the last few years.

Hoogervorst introduced the new standard on insurance agreements expected to be released in May 2017. Responding on technical questions on amendments made to IFRS 4 and their applications together with IFRS 9, he said that the IASB's belief that having two different standards applied in the same company did not seem desirable and that the overlay approach would provide conglomerates with a solution to their problems.

 

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