Commissioner Walter's Speech at 32nd Annual SEC and Financial Reporting Institute Conference

SEC Commissioner Elisse B. Walter delivered a keynote speech at the 32nd Annual SEC and Financial Reporting Institute Conference.In her speech, Walter discussed:

• The need for high-quality financial reporting regarding the development of accounting standards to accurately reflect the underlying economics of transactions and to set a standard that expresses a transaction's economics in a way that informs investors and resonates with them;
• FASB/IASB Convergence Projects, the significant progress of which Walter states is, a positive development towards common standards which will effectively serve investors around the world. However, Walter notes that the publication of standards is merely the starting point and goes on to discuss four pillars which will ensure a successful transition to global accounting standards. According to Walter, these pillars are training, resources, identification of interpretive issues and investor understanding;
• The increased outreach to investors related to financial reporting;
• Disclosures, especially as to improving Management's Discussion and Analysis ("MD&A");
• The important role of auditors in the financial reporting structure;
• The role of the PCAOB in enhancing the development and maintenance of high-quality auditing standards as well as expanding the ability to perform inspections in certain jurisdictions outside the U.S.;
• Audits of Broker-Dealers; and
• Improving PCAOB inspection report content.

See: Keynote Luncheon Speech.Related news item: SEC Chief Accountant Beswick Remarks at the 32nd Annual SEC and Financial Reporting Institute Conference.