Monitoring the Countdown to Convergence

Blame it on the collapse of the Enron, Worldcom, the financial crisis or globalization. The Financial Accounting Standards Board (FASB) has been under pressure to come up with the globally improved financial reporting standards. Anyone following U.S. GAAP needs to track the overhaul of the International Financial Reporting Standards (IFRS) as it converges U.S. GAAP over the next year or is it U.S. GAAP converging with IFRS? Well, leaving the discussion aside as to which GAAP is converging with the other GAAP the bottom line is that we expect to see some improvements in the financial reporting standards.

The article in the the Journal of Accountancy provides all the changes that we expect to see over the next year. This article also provides a discussion and summary of the proposed changes in the IFRS and U.S. GAAP. Click here to read the article that appeared in the March 2010 issue of the Journal of Accountancy.

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Posted by Sunil Thukral on March 7, 2010. Filed under Consolidation, Financial instruments, Hot Topics, IFRS in U.S., IFRS Resources, SEC & IFRS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry