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Remarks before the 2015 Baruch College Financial Reporting Conference by James Schnurr, SEC Chief Accountant

Good morning and thank you for the introduction. I am happy to be with you today and it is my pleasure to share the stage with Jim Kroeker, who certainly has a unique perspective having served as the SEC Chief Accountant prior to becoming the Vice Chairman of the FASB.[1] As I have previously stated, when I arrived at the Commission last October, Chair White asked me to make a recommendation to her as to what action, if any, the Commission should take regarding the further incorporation of IFRS[2] into the U.S. capital markets. In December, I gave a speech that mentioned a potential alternative of allowing domestic issuers to provide IFRS-based information as a supplement to U.S. GAAP[3] financial statements without requiring reconciliation. I thought it would be helpful to spend a few minutes this morning providing you with a brief update on some of the recent activities of OCA,[4] as well as some of the current thinking with respect to convergence and IFRS.

Remarks before the 2015 Baruch College Financial Reporting Conference

BY James Schnurr,SEC Chief Accountant


New York (MAY 7, 2015)

Looking forward

Good morning and thank you for the introduction.  I am happy to be with you today and it is my pleasure to share the stage with Jim Kroeker, who certainly has a unique perspective having served as the SEC Chief Accountant prior to becoming the Vice Chairman of the FASB.[1] As I have previously stated, when I arrived at the Commission last October, Chair White asked me to make a recommendation to her as to what action, if any, the Commission should take regarding the further incorporation of IFRS[2] into the U.S. capital markets.  In December, I gave a speech that mentioned a potential alternative of allowing domestic issuers to provide IFRS-based information as a supplement to U.S. GAAP[3] financial statements without requiring reconciliation.  I thought it would be helpful to spend a few minutes this morning providing you with a brief update on some of the recent activities of OCA,[4] as well as some of the current thinking with respect to convergence and IFRS.

Before continuing, let me pause here and remind you that the views expressed today are my own and not necessarily those of the Commission, the individual Commissioners, or other colleagues on the Commission staff.

 

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