produced by that process.
FROM PAGE 16
those of American investors and our
economy. Our unanswered question
asks what huge benefits for the
American people would justify this
See SPIRIT on 19
WHAT ABOUT THE LAW?
We’ve made the following point
numerous times before, but we’ll
make it again because it doesn’t appear that Sir David fully comprehends it. Specifically, the U.S. could
adopt IFRS and the IASB’s process
only within the constraints created
by our securities laws.
The most binding statute is Sarbanes-Oxley, which empowers the
Public Company Accounting Oversight Board to identify the authorized standard-setter and then fund
it through a mandatory fee levied on
American public companies. Since
the SEC first decided in the 1930s to
rely on accounting professionals to
define reporting standards, it can
justify this unique dependence on a
private sector body to create public
regulations by exercising strong and
active oversight. That is, the commission can satisfy Congress only
by keeping a watchful eye on the
standard-setter and its processes
to ensure that it is not faltering in
its mission because of its own failings or inappropriate pressure from
Therefore, we present a second
ADOPTING IFRS UNDER
EXISTING U.S. LAW WOULD
REQUIRE THE IASB TO
SUBMI T TO SEC OVERSIGHT
AND ACCEP T ITS FUNDING
FROM THE PCAOB.
Of course, the IASB would never
make such concessions.
This certain rejection means the
SEC could adopt IFRS only by the
hard route of persuading a recalcitrant Congress that U.S. interests
would be promoted by amending
both Sarbanes-Oxley and the Securities Acts that grant the commission authority to establish GAAP for
filings by public companies. Those
amendments would essentially do
away with U.S. control over U.S. accounting practices and turn it over
(with no strings attached) to an international body dependent on contributions, mired in an unproductive
relationship with the EU, and with
many constituents around the world
whose political and economic interests are clearly not aligned with
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