The movement to convergence U.S. and international accounting rules is so important, the Financial Accounting Standards Board is devoting some 70 percent of its time to convergence-related projects, says board member Marc Siegel.
The FASB is meeting monthly with the International Accounting Standards Board to focus heavy attention on about eight major changes to U.S. Generally Accepted Accounting Standards, said Siegel in a podcast posted to the FASB’s website. Between monthly in-person meetings, the boards also are conducting live videoconferences in the hopes of getting the new standards finalized in 2011, said Siegel.
