Do you think that the information sharing infrastructure among securities regulators through both multilateral and bilateral platforms will improve securities regulators’ ability to identify and address inconsistent and inaccurate applications of IFRS?
While the information sharing infrastructure among securities regulators sounds like a necessary mechanism to enhance global consistency, it would most likely cause delays and increase uncertainties about “final” answers. Further, awaiting an authoritative view from the IASB or its International Financial Reporting Interpretations Committee conflicts with the principles-based approach which relies upon individual judgments. If you would like to discuss our letter, please call me at (212) 709-1532 or email me at john.mcenerney@banking.state.ny.us.
