In a November 15 letter to the SEC, FAF chairman John J. Brennan wrote that reducing FASB’s role in setting U.S. financial reporting standards “may weaken the positive leverage that U.S. GAAP and U.S. standard setting have provided to improving accounting standards for investors in the world’s most robust and transparent capital markets.” The FAF also disputed the SEC staff’s proposed goal of achieving one set of global accounting standards. Instead, the organization feels that “a more practical goal for the foreseeable future is to achieve highly comparable (but not necessarily identical) financial reporting standards among the most developed capital markets that are based on a common set of international standards.” [CFO]
Related Posts
Guidehouse Laid Off a Bunch of Old Grant Thornton Partners After the Public Advisory Practice Merger (UPDATE)
- Going Concern News Desk
- January 11, 2023
Ed. note: a previous version of this article included “Rumor” in the headline. As it […]
Share this:
Deloitte Survey: Millennials Don’t Need Cars Because They Have Facetime
- Adrienne Gonzalez
- November 12, 2014
In the ongoing quest to understand mysterious Millennials (who, BTW, are in their 30s now […]
Share this:
Monday Morning Accounting News Brief: Deloitte CEO Says He Doesn’t Deserve His Pay; The Accountant Shuffle | 7.17.23
- Adrienne Gonzalez
- July 17, 2023
Australian media is still all up in PwC’s colon, this time it’s news.com.au telling us […]