The Financial Accounting Standards Board and its international counterpart have set a mid-2011 target date to eliminate major differences between U.S. and global accounting standards, but they still face a minefield of complexities and disagreements on the path to convergence.
FASB and the International Accounting Standards Board met in London last week to firm up a strategy and a timeline for how to eliminate the myriad accounting differences that still obstruct a single, global accounting rulebook. The list is long and fraught with contentious issues—including how to answer global regulators’ and political leaders’ demands for accounting answers to the lingering credit crisis.
The boards did compare notes on how they plan to plug holes in accounting rules that contributed to the current turmoil in credit markets. But FASB Chairman Bob Herz made it clear that accounting rules alone are not to blame for the collapse of... To get the full story, subscribe now.
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