The Securities and Exchange Commission welcomed the announcement by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) of a memorandum of understanding about their work plans from 2006-2008.
SEC Chairman Cox said that “The SEC is working diligently toward the goal of eliminating the existing IFRS to U.S. GAAP reconciliation requirement.”
SEC Acting Chief Accountant Taub added that in addition to making a helpful contribution in moving forward on the roadmap for eliminating the need for reconciliation between IFRS and U.S. GAAP, the work plans would cover several other important areas, including leases and consolidations, which were identified as needing improvement in the June 2005 SEC Staff “Report On Arrangements with Off-Balance Sheet Implications, Special Purpose Entities, and Transparency of Filings by Issuers”
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