February 19, 2009
NASBA’s comments to the Securities and Exchange Commission (SEC or Commission) on the “Roadmap For The Potential Use Of Financial Statements Prepared In Accordance With International Financial Reporting Standards By U.S. Issuers.” The response discusses the continuing need for the FASB, jurisdictional differences, providing guidance, need for independence, loss of sovereign power, need for enforceable standards, and training.
In response to the SEC’s request for comments on the “Concept Release on Allowing U.S. Issuers to Prepare Financial Statements in Accordance with International Financial Reporting Standards” (Concept Release), we commented in November 2007 on the critical importance to National Association of State Boards of Accountancy financial reporting in the United States of maintaining the FASB as the sole standard setter for U.S. financial reporting standards. In addition, NASBA also urged the Commission to continue to pursue the course set by the FASB and the International Accounting Standards Board (IASB) to converge U.S. Generally Accepted Accounting Standards (GAAP) with International Financial Reporting Standards (IFRS) as promulgated by the IASB.
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