Washington, D.C., July 7, 2011 — NASBA Director-at-Large, Gaylen Hansen, recently served as a panelist for the U.S. Securities and Exchange Commission’s (SEC) Roundtable on International Financial Reporting Standards in the United States. An excerpt from Mr. Hansen’s statement is posted below.
“…There are extremely high risks in the ‘condorsement’ approach suggested by the [SEC] staff. We may not know for several decades whether it was a very bad idea and, if so, in time to recover….We strongly support continuation of the FASB as constituted in its present form. This is best undertaken by convergence when appropriate, subject to legal due process, but only based on a consistent and logical theoretical foundation. Convergence is not needed simply for the sake of convergence…”
> View Mr. Hansen’s statement in its entirety