(NEW YORK, October 29, 2010) – Deloitte's third annual International Financial Reporting Standards (IFRS) Summit drew more than 200 chief financial officers and senior financial executives to New York City today to discuss the incorporation of IFRS into the United States public company financial reporting framework.
International Accounting Standards Board (IASB) Chairman Sir David Tweedie and Acting Financial Accounting Standards Board (FASB) Chair Leslie Seidman addressed the Summit's attendees and shared their perspectives on incorporation of IFRS, convergence efforts, and progress on the U.S. Securities and Exchange Commission's (SEC) IFRS work plan.
The theme of this year's Summit was “Convergence Momentum.” The event focused on the SEC's work plan related to the incorporation of IFRS into the U.S. financial reporting structure, which is expected to help to increase the comparability of financial statements globally.
Robert Kueppers, deputy chief executive officer, Deloitte LLP, who delivered opening remarks at the Summit remarked that Deloitte has long supported the ultimate goal of a single set of high-quality global accounting standards because it is in the best interest of investors. He added that IFRS is quickly becoming the international standard, with well over 100 countries having already incorporated IFRS as part of their financial reporting framework.
The event also focused on the accounting changes that are expected to result from the IASB's and FASB's efforts at converging their respective standards. The IASB's and the FASB's commitment toward convergence began formally in 2002 and seeks to minimize and, where possible, eliminate differences between IFRS and U.S. Generally Accepted Accounting Principles (GAAP).
IASB Chairman Sir David Tweedie commented that international convergence in accounting standards will not provide the level playing field sought by the G20 Leaders as part of their blueprint for financial reform. Tweedie added that only a single set of high-quality standards, applied globally, will achieve this objective, and that is why U.S. participation in the development of global standards is so important.
FASB Acting Chairman Leslie F. Seidman stated that the FASB has long believed that a common set of global, high-quality accounting standards will increase consistency and transparency in financial reporting. Seidman added that the entire board is committed to working with the IASB to develop the best accounting standards for a global market. She further noted that our constituents — investors who provide capital, business owners, preparers and auditors of financial statements, and regulators — would all benefit from a converged set of global accounting standards.
Despite regulatory uncertainty regarding IFRS in the U.S., many companies remain focused on key IFRS trends and their own IFRS planning activities. The Summit also featured an interactive panel discussion among senior executives from U.S. and foreign companies that are using or implementing IFRS today.