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End of Convergence Brings Challenges and Opportunities

Robert Herz | August 27, 2013

The program of converging accounting standards between the Financial Accounting Standards Board and the International Accounting Standards Board is nearing an end after more than a decade.

The effort started in 2002 with the Norwalk Agreement under which the two boards committed to work together to make their standards “compatible “ and from 2006 onwards has continued pursuant to a memorandum of understanding that focused the boards on jointly developing improved and converged standards in various major accounting areas.

Along the way there have been some bumps and differences in view between FASB and IASB, but this unique standard-setting partnership has resulted in converged or substantially converged standards on a number of major subjects, including accounting for business combinations, employee stock compensation, fair-value measurements, and...

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