May 28, 2014

CAQ Salutes Joint Effort by IASB and FASB on Revenue Recognition

Washington, DC – Center for Audit Quality Executive Director Cindy Fornelli made the following statement in response to the joint issuance of a converged standard on revenue recognition by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB):

"This new standard is the result of an extensive joint effort between IASB and FASB, and the Center for Audit Quality applauds this standard-setting achievement. In this global economy, it is increasingly important for financial regulators to work constructively across borders. The issuance of a joint standard by IASB and FASB is a welcome development in this regard."

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About the CAQ

The Center for Audit Quality (CAQ) is an autonomous, nonpartisan public policy organization dedicated to enhancing investor confidence and public trust in the global capital markets. The CAQ fosters high quality performance by public company auditors, convenes and collaborates with other stakeholders to advance the discussion of critical issues requiring action and intervention, and advocates policies and standards that promote public company auditors’ objectivity, effectiveness and responsiveness to dynamic market conditions. Based in Washington, DC, the CAQ is affiliated with the American Institute of Certified Public Accountants. For more information, visit www.thecaq.org.