IASB blasts 'weak regulator' criticisms
'We have been looking at disclosures on IFRS and U.S. GAAP, and, actually, you get far more disclosure under IFRS' - Sir David Tweedie
The chief of the international accounting standard setter says it is
‘absolute nonsense’ that IFRS would put US investors at the mercy of overseas
regulators.
‘It is absolute nonsense,’ said International Accounting Standards Board
chairman Sir David Tweedie in an interview with CFO.com.
‘The SEC is going to look at the accounts that are coming in. Countries
around the world aren’t just going to throw away their own accounting standards
if they think we are bringing out standards that aren’t very good,’ said Sir
David.
Earlier this month, US Rhode Island Democrat Senator Jack Reed argued that
the Securities and Exchange Commission could put investors at risk by allowing
external, less aggressive regulators to have power of overseeing the rules.
Sir David added: ‘We have been looking at disclosures on IFRS and U.S. GAAP,
and, actually, you get far more disclosure under IFRS.’
Further reading:
US support for IFRS hinges on reform of standard setter