The financial crisis has highlighted the need for comparability in financial reporting globally, and for increased audit committee oversight of that reporting. High-priority areas include fair value and financial instruments.
To improve comparability in those areas, the Financial Accounting Standards Board (FASB) and its international counterpart, the International Accounting Standards Board (IASB), have been working jointly on projects to converge U.S. GAAP and International Financial Reporting Standards (IFRS), but with mixed results. The FASB and IASB are nearing solutions that would converge the fair value concept in U.S. GAAP and IFRS, but not its use in accounting for financial instruments. The FASB is set to release for public comment its proposal on the accounting for financial instrument that, if finalized, would create differences between U.S. GAAP and IFRS.
This webcast will provide an overview of the FASB proposal on the accounting for financial instruments, the potential U.S. GAAP/IFRS differences, and what audit committees need to know so that their organizations are in position to get involved and become part of the process to improve that reporting going forward.
Please join our panelists Linda MacDonald, FTI Consulting, Esther Mills, Accounting Policy Plus, and Michael R. Young, Willkie Farr & Gallagher LLP, as they discuss these emerging issues.
This free webcast is scheduled for Thursday, June 24 2010 at 2 p.m. Eastern. To attend, please register below.