FASB backs lifting reconciliation requirement

The US standard-setter has announced that it will propose to lift the US GAAP
reconciliation requirement for foreign filers already reporting in IFRS.

Robert Herz, chairman of the
Financial Accounting Standards Board said a second
document – with proposals to give US filers the option of reporting in IFRS –
will also be released near the same time.

Herz made the announcement at a gathering of the New York State Society of
CPAs during their annual election meeting, where he commented on how the
profession needed sweeping changes to its reporting system.

He said the challenge would be to ‘write standards in a way that someone
without an Oxford understanding of English can understand.’

Further reading:

Cross Atlantic debate persists

SEC moves closer to ending reconciliation impasse

SEC to allow choice of US GAAP or IFRS

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Fiona Westwood of Smith and Williamson.