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
Alleged ‘Touch It For a Buck’ Creeper CPA Got His License Revoked For Felony Creepiness
- Adrienne Gonzalez
- May 15, 2014
Do you guys remember the sordid tale of one Christopher M. Green, formerly employed by […]
Share this:
Florida Man Accountant Defrauds His Employer for $12 Million, Spent Most of It on Camgirls
- Going Concern News Desk
- September 28, 2022
Over a period of five years, an accounting manager for the University of South Florida’s […]
Share this:
This Way to the CPA Is Watching Out for You, Bullied Accountants
- Caleb Newquist
- October 21, 2013
As a voice of both accountant advocacy and accountant mockery, we feel a bit torn […]