AICPA President and CEO Barry Melancon Hosts Discussion with SEC Commissioner Daniel Gallagher

December 18, 2014

American Institute of CPAs (AICPA) President and CEO Barry Melancon, CPA, CGMA hosted a discussion with U.S. Securities and Exchange Commission (SEC) Commissioner Daniel Gallagher on December 8 in Washington, D.C. at the AICPA’s Conference on Current SEC and PCAOB Developments.

In the wide-ranging dialogue, Commissioner Gallagher endorsed the suggestion made earlier in the day at the conference by SEC Chief Accountant James Schnurr to allow some of the largest U.S. public companies to voluntarily provide IFRS-based supplemental information in the financial statements they file with the SEC.  U.S. GAAP would still be the required basis of financial statement reporting.   (For more details, see the December 8 Journal of Accountancy article.)   Commissioner Gallagher said the voluntary reporting could help the SEC determine whether there is a demand for IFRS reporting for U.S. issuers.   Other topics included simplifying disclosures, international regulation and XBRL, eXtensible Business Reporting Language.

About 1,500 CPAs and other financial executives from public company audit firms and SEC-registered companies were on site to hear the discussion; about 500 more attended virtually or at simulcast locations in New York City and San Francisco.

SEC Commissioner Daniel Gallagher, KPMG's Melanie Dolan, AICPA's Barry Melancon

SEC Commissioner Daniel Gallagher center with KPMG Partner Melanie Dolan and AICPA President
and CEO Barry Melancon.  Dolan is the chair of the steering committee for the conference.

Photo: Sam Kittner/