World Accounting Report
SEC invites IFRS companies to participate in FASB Transition Resource Group
SEC Chief Accountant James Schnurr told a conference of
accountants from the life sciences industry that he expected both US GAAP
companies and IFRS companies to reach the same accounting conclusions under their
respective new revenue standards when the same circumstances applied. He noted
that the IASB is not continuing to hold Transition Resource Group (TRG)
meetings, and urged IFRS companies to raise issues with the FASB revenue TRG,
on the grounds that they would probably look to US GAAP guidance in the absence
of IFRS guidance.
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