FASB Chairman Russ Golden realizes the importance of “comparable” global accounting standards but notes that the U.S. is “unlikely” to adopt International Financial Reporting Standards (IFRSs) or give public companies the option of using IFRSs when filing financial statements with the SEC.
One size does not fit all: “Perhaps the most important driver of this development is the increased recognition among U.S. stakeholders that legal, regulatory, and cultural differences among and between jurisdictions are likely to result in at least some variation in the way that accounting standards are written, applied in practice and enforced. In short, it has become clear that one size does not fit all,” says Golden in the latest issue of the FASB’s quarterly e-newsletter, FASB Outlook.
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