SEC to prioritise US IFRS road map
The US Securities and Exchange
Commission (SEC) will prioritise the proposed US IFRS road map in
the next three months, according to chief accountant James Kroeker.
Kroeker made the comments at a conference held by the New York
State Society of CPAs, according to US media reports. Kroeker said
the consensus in comment letters the SEC received about the road
map was there should be a single set of global high-quality
accounting standards. However, there were striking differences in
opinions on how to accomplish that goal.
G20 must not confuse financial reporting purpose
The Institute of Chartered Accountants
in England and Wales (ICAEW) is concerned that policy makers at the
G20 leaders’ meeting this month may confuse the purpose of
financial reporting by listed companies.
“There is a danger here of mixing
apples with pears – financial reporting with financial stability.
Blending the two is likely to end in tears,” ICAEW financial
reporting faculty head Nigel Sleigh-Johnson said. “Financial
stability is of course a crucial policy objective but it is not by
any means the main aim of listed company financial reporting, and
thus is not a primary consideration for accounting standards
Sleigh-Johnson said the stability of
financial institutions lies within the remit of prudential
regulators and that financial stability cannot be achieved through
financial reporting rules.
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“Any attempt to kill two birds with
one stone is likely to result in lower-quality accounting
standards, which will simply undermine the confidence of users of
financial statements. That, in turn, may undermine financial
stability,” he said.
IFAC seals valuation standards deal
The International Federation of
Accountants (IFAC) has signed an agreement with the International
Valuation Standards Council (IVSC) to improve global valuation
The bodies will focus on improving the
consistency of global valuation standards affecting the preparation
and audits of financial reports.
The IVSC is a non-profit US
organisation charged with developing robust and transparent
procedures for performing international valuations through a single
set of globally recognised valuation standards.