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September 29, 2009

News Briefs

IFRS 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.

FINANCIAL REPORTING 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 setters.”

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.

“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.

VALUATION STANDARDS 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 consistency.

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.

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