FASB backs lifting reconciliation requirement
Proposal to allow US filers option of reporting in IFRS to also emerge later this year
The US standard-setter has announced that it will propose to lift the US GAAP
reconciliation requirement for foreign filers already reporting in IFRS.
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.’