The Spirit of Accounting
FAF's 'gift' to the IASB: It's time to finally reject IFRS and the IASB for the U.S.
Last month's column revealed how senior officials from the IFRS Foundation and the International Accounting Standards Board badgered Securities and Exchange Commission Chair Mary Jo White to find funding from someone, anyone, affiliated with the United States. Unlike her predecessor, Mary Schapiro, White relented and, we think, ill-advisedly redirected pressure onto the Financial Accounting Foundation, eventually extracting a $3 million contribution in January. In our view, this action amounts to an avoidable and regrettable breach in the commission's duty to preserve and protect the Financial Accounting Standards Board's independence and due process.
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