FAF urges U.S. representation in group advising IASB on standards

12/30/2012 | JournalofAccountancy.com

The Financial Accounting Foundation trustees say a commitment to endorsement or adoption of International Financial Reporting Standards should not be required for participation in a new forum of national and regional standard setters that will advise the International Accounting Standards Board. Such a requirement currently would preclude the participation of the United States, as the Securities and Exchange Commission has not released a timetable for deciding whether to require or allow U.S. public companies to prepare their financial statements in accordance with IFRS.

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