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Robert Herz Interviewed on the United States' Incorporation of IFRS Into US GAAP
July 10, 2012
Key Questions Regarding the United States' Endorsement of IFRS, with Robert Herz, former Chairman of FASB The US' potential incorporation of International Financial Reporting Standards (IFRS) into US GAAP, and what that would entail, is discussed regularly by financial leaders around the world. Robert Herz, former Chairman of the FASB, and current WebFilings Advisory Board member, was recently interviewed to discuss his perspective on the US' endorsement of IFRS. The interview was conducted by Nigel Sleigh-Johnson of the Institute of Chartered financial professionals in England and Wales. Herz notes that "The US' IFRS endorsement question is top of mind globally. I am regularly asked to share my perspectives on this subject.” Herz outlines five key questions related to a potential US endorsement process for IFRS. While there are most certainly additional questions related to the specifics of a US endorsement mechanism, Herz highlights that the details surrounding the process, criteria, and timeline will be important. "Whatever position the SEC ultimately adopts, it is important that it provides clarity on whether there will be incorporation of IFRS into US GAAP and, if so, the key aspects of how that process will work,” stated Herz. Look for more insights from Robert Herz on this subject and other industry topics on the WebFilings blog, and at select conferences and meetings in the coming months. Wdesk has created a revolution in SEC reporting, and continues to provide innovations in the financial reporting space, enabling accounting professionals to respond to the reporting requirements of today and tomorrow. To learn more about the Wdesk suite of External Reporting Solutions, request a call with one of our experts.