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decided to require all development costs to be expensed. -31/ However,

when the lASe, representing highly qualified accountants from many

different countries, considered the issue it reached a different

conclusion. 32/

My remarks today are not intended to indicate what the resolution

of this issue should be, or whether the U.S. should adopt the lASe

standard

or

vice

versa.

My

intention

is

solely

to

note

that

very

often

, accounting

standards,

particularly

contentious

ones,

are

not

black

or

white issues but rather matters on which reasonable persons can

reasonably

differ.

Under

these

circumstances,

FASS,

at

the

very

least,

has a duty seriously to consider IASC positions and the international

One

hopes

consider

and

consensus

that

they

represent.

country,

including

the

U.S.,

to

that

a

refusal

by

any

to

accommodate

where

possible the views of the lASe on accounting issues will not prove to be

To the extent the U.S. appears to be simply stonewalling

the

process in hopes that its own standards will prevail, other countries

will

a stumbling block to international accounting harmonization.

~/ 32/

llL at ~55. lASe, supra note 7, at 19; IASC, International Accounting

Standard No.9: Accounting for Research and Development Activities ~17 (July 1978).

19

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