Hans Hoogervorst Would Like You to Look at the Example Brazil Is Setting

Posted on by Caleb Newquist

If anyone over the SEC needs a little help getting their heads around how to best get on board with IFRS, H-squared has found a prize pupil for you to emulate:

Addressing a conference in Sao Paolo, the former Dutch finance minister used Brazil as a “textbook example” of how best to implement global accounting standards. Hoogervorst […] praised the country’s full adoption and decision not to “tweak” the standards, saying this means global investors are “entirely comfortable” Brazilian companies’ financial statements.

Hoogervorst: Brazil embodies ideal IFRS adoption [Accountancy Age, Earlier]

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Representatives of large institutional investors told the Securities and Exchange Commission on Thursday that they had serious qualms about the London-based International Accounting Standards Board replacing the U.S. Financial Accounting Standards Board as the primary arbiter of accounting rules in this country.

Speaking at an SEC panel focusing on investor views of international financial reporting standards, the representatives roundly supported the goal of establishing a single set of high-quality global financial reporting standards in the United States in the form of IFRS. But they suggested that the IASB, the current promulgator of IFRS, lacks the backbone and outreach capability of FASB — qualities that would be needed for a global system to succeed. [CFO]