Harmonisation of accounting standards Essay Sample
23/03/2015 · Harmonisation Of Accounting Standards
In late 2007the FASB and the IASB completed their first major joint project and issued substantially converged standards on business combinations In September 2008the FASB and the IASB issued an update to the 2006 MoU to report the progress they have made since 2006 and to establish their convergence goals through 2011 2008The SEC Issues a Proposed Roadmap to Adoption of IFRS in the U. FASB Publishes its Vision for the Future of International Accounting Standard Setting describing its vision of the ideal international financial reporting system. FASB Becomes a Member of the IASC Consultative Group and a Nonvoting Observer at IASB Meetings The AICPAas the IASC membercoordinated U.
GAAP In response to calls for improvements in the governancefundingand independence of the IASCit was reconstituted into the IASB. The proposed Roadmap identified several milestones thatif achievedwould support eliminating the reconciliation.
This report presents harmonization of accounting standards, ..
SEC Announces its Intent to Consider the Acceptability of Use of IASC Standards by Foreign Private Issuers The SEC issued a press release stating its intent to consider the acceptability of IASC standards as the basis for the financial reports of foreign private issuers. Integrating accounting standards will result in higher costs for small business due to additional compliance mandates.