Media Advisory 11/04/15

Now Available:
Remarks of FASB Chairman Russell G. Golden
at the United Nations Conference on Trade and Development


Norwalk, CT, November 4, 2015—Earlier today, FASB Chairman Russell G. Golden addressed the United Nations Conference on Trade and Development International Working Group of Experts on International Standards of Accounting and Reporting in Geneva, Switzerland.

In his address, Mr. Golden called for cooperation among standard setters, audit overseers, and securities regulators to promote high-quality financial reporting. He said:

“The principal goal of accounting standards should be to promote truth-telling in financial reporting. Capital markets should pick winners and losers based on merit. But the markets can perform that function only if they have access to truthful and accurate financial reporting.

“Accounting standards are an important element—but not the only element—required to promote high-quality financial reporting. We need honest companies, we need honest auditors—and we need watchful regulators—to make the system work. The standards themselves can only go so far. Every participant in the capital markets has a role.”
 
The full text of his remarks is available at www.fasb.org.


About the Financial Accounting Standards Board

Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.