American and international accounting rulemakers have proposed a timeline to make the necessary changes in standards to drop reconciliation reporting requirements for non-U.S. companies listed on U.S. exchanges.
The Financial Accounting Standards Board and the International Accounting Standards Board issued a joint statement last week elaborating on their plans to fulfill the “Norwalk Agreement” of 2002, when they first pledged to converge accounting rules. The two boards outlined short-term and longer-term projects that they say should be sufficient to fulfill regulators’ wishes for rules aligned enough to eliminate the need for reconciliation.
