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.