SEC Chief Accountant Jim Kroeker said the Financial Accounting Standards Board and the International Accounting Standards Board should proceed with their efforts to converge U.S. and international accounting standards, even though the SEC commissioners have not yet formally approved the proposed roadmap to International Financial Reporting Standards.
Speaking on Friday at a conference on IFRS jointly sponsored by the American Institute of CPAs and the International Accounting Standards Committee Foundation, Kroeker urged standard-setters to look past the dispute over fair value vs. historical cost, and concentrate on providing transparency to investors in areas such as loans and credit losses.
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