Nothing like dropping this on everyone at 6 pm. On a Friday. In the middle of July. Half of the people that care about this thing are on vacation and the other half left at three o'clock. That's the SEC for ya. Have a read over the weekend and we'll debrief (if necessary) on Monday.
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Hans Hoogervorst Doesn’t Want the U.S. to Worry Its Pretty Little Head About Losing Influence Over Accounting Rulemaking
Hoogervorst said U.S. sovereignty would be protected by the SEC having a final say before any IASB rule is introduced. “Such endorsement mechanisms provide an important ‘circuit breaker’ if the IASB produced a standard with fundamental problems for the United States,” Hoogervorst told an accounting conference. The SEC would remain in full control of enforcement. “So there is absolutely no danger of importing different enforcement standards from abroad into the United States,” the former Dutch finance minister added. [Reuters]
Hans Hoogervorst Would Like You to Look at the Example Brazil Is Setting
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]