08 December 2014

FASB and FAF: Voluntary disclosure of IFRS information

"We believe that voluntarily providing IFRS information on a supplemental basis, subject to audit, SEC review and other regulatory scrutiny, could be an important tool in fostering further convergence of Generally Accepted Accounting Principles and IFRS.”

The FASB and the FAF have issued a statement in response to remarks on voluntary disclosure of IFRS information as a way of incorporation of IFRS into the U.S. reporting system. Remarks were made by U.S. SEC Chief Accountant James Schnurr at the 2014 AICPA Conference.

The following statement should be attributed to FAF/FASB spokesman Robert W. Stewart: “We agree with Chief Accountant Schnurr that U.S. investors are best served by an independent standard setter that is first focused on the interests of those who participate in U.S. capital markets.

We also believe it makes sense to explore whether there are ways to remove barriers that might exist for companies that voluntarily choose to offer investors a second set of financial statements prepared in accordance with International Financial Reporting Standards (IFRS)."

Press release

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