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With Convergence Over for Now, What's Next?

Scott Taub | January 28, 2014

For most of the past decade, the quest for global accounting standards has captured the attention of the U.S. financial reporting community.

The International Accounting Standards Board and the Financial Accounting Standards Board have worked to converge U.S. Generally Accepted Accounting Standards with International Financial Reporting Standards. The Securities and Exchange Commission has allowed foreign registrants to access the U.S. markets with IFRS financial statements and has considered moving U.S. companies to IFRS as well. 

The joint FASB and IASB projects covered some of the most difficult areas of accounting. As a result, we have converged standards in business combinations and fair-value measurement, and likely will get them in leasing and revenue recognition. We are also closer to convergence in consolidation and a few other major areas...

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