Hoogervorst said U.S. sovereignty would be protected by the SEC having a final say before any IASB rule is introduced. “Such endorsement mechanisms provide an important ‘circuit breaker’ if the IASB produced a standard with fundamental problems for the United States,” Hoogervorst told an accounting conference. The SEC would remain in full control of enforcement. “So there is absolutely no danger of importing different enforcement standards from abroad into the United States,” the former Dutch finance minister added. [Reuters]
Related Posts
IASB Practically Begging the U.S. to Join Its New Accounting Standards Advisory Forum Now
Back in November the IASB came up with the idea to start a new cool […]
Michael Bloomberg Is a U.S. GAAP Man
Merging the iconic New York Stock Exchange with Germany’s Deutsche Boerse AG will force European companies to switch to using U.S. accounting rules which have superior disclosures, Mayor Michael Bloomberg said on Friday.” This will force a common set of accounting standards on the world; the American disclosures are better,” Bloomberg said on his weekly WOR radio show, though he admitted U.S. rules did not prevent Bernard Madoff from swindling billions of dollars through a Ponzi scheme. [Reuters]
New Hans Necessary If IASB Really Wants IFRS Implemented
This is the fourth installment of our Going Concern freelancer submissions. The following is by […]