IMA's Financial Reporting Committee (FRC) continues to monitor the development of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) convergence project. The objective of the project is to develop global accounting standards.
During June and September, the FRC held their annual meetings with senior staff from the U.S. Securities and Exchange Commission (SEC), and members of the FASB. These meetings included thorough and open discussions regarding the Committee's concerns related to the convergence of U.S. GAAP and IFRS. On July 13, the SEC issued a staff report on an IFRS work plan. The report did make a recommendation to the Commission regarding whether IFRS should be incorporated into the financial reporting system for U.S. issuers. The report summarizes the status of issues and concerns, including 19 references to letters from the FRC about concerns related to the convergence of U.S. GAAP and IFRS. These references by the SEC staff indicate that our technical committees have an influential voice on issues that impact the accounting profession.
Go to
www.sec.gov/spotlight/globalaccountingstandards/ifrs-work-plan-final-report.pdf to review the report.
Meeting schedule for Financial Reporting Committee (FRC)
- Teleconference - October 30, 2012 - noon - 1pm EST
Technical issues monitored by FRC
- FASB Discussion Paper - Disclosure Framework (Comment Letter Deadline - 11/16/12)
Meeting schedule for Small Business Financial and Regulatory Affairs Committee (SBFRC)
- Teleconference - October 30, 2012 - 4pm - 5pm EST; Guest speakers - FASB member and staff to provide Small Business Update
Technical issues monitored by SBFRC
FASB Invitation to Comment on Private Company Framework (Comment Letter Deadline - 10/31/12)
Meeting schedule for XBRL Committee
Teleconference - October 17, 2012 - 2pm - 3pm EST
Technical issues monitored by XBRL Committee
Draft outline for Integrated Reporting Framework
Meeting schedule for COSO Advisory Panel
Teleconference - October 17, 2012 - 4pm - 5pm EST
Technical issues monitored by COSO Advisory Panel
COSO's Internal Control Framework Refresh Project