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White plugs for accounting convergence in parting statement

Tammy Whitehouse | January 9, 2017

In perhaps her strongest statement on the subject during her tenure at the Securities and Exchange Commission, soon-departing Chair Mary Jo White urged her successor to prioritize continued improvement and convergence of accounting standards globally.

The U.S. Financial Accounting Standards Board and the International Accounting Standards Board worked together formally for several years to improve and more closely align their respective rules in U.S. Generally Accepted Accounting Standards and International Financial Reporting Standards, especially standards on business combinations, fair value measurement, revenue recognition, financial instruments and leases.

The SEC stoked hopes of an eventual U.S. adoption of IFRS when it determined in 2007 that IFRS was comparable enough...

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