SEC Chief Accountant Beswick Remarks at the 32nd Annual SEC and Financial Reporting Institute Conference

SEC Chief Accountant Paul Beswick delivered remarks at the 32nd Annual SEC and Financial Reporting Institute Conference. Beswick discussed the following:

• Importance of having a strong IASB in the U.S., and the SEC's role;
• Successful implementation of an accounting standard;
• PCAOB accomplishments; and
• Internal Controls and the new COSO Framework.

Beswick went on to explain the ways in which he believes the IASB provides a strong and independent accounting standard. He discussed factors in a successful implementation between the FASB and IASB's high-priority convergence projects. Beswick further highlighted the PCAOB's global coordination with foreign jurisdictions. Lastly, Beswick discussed management's recent deficient internal controls over financial reporting and explained how the COSO has developed an updated framework that, according to Beswick, should enable management to remedy the deficiency.

See: Remarks at the 32nd Annual SEC and Financial Reporting Institute Conference.Related news item: Commissioner Walter's Speech at 32nd Annual SEC and Financial Reporting Institute Conference (May 31, 2013).