Wednesday, November 04, 2009

US – FASB and IASB work to reach common standards

The leaders of the Financial Accounting Standards Board and the International Accounting Standards Board recently announced at an IFRS conference that they will begin meeting monthly to try to speed up their efforts to develop a common set of accounting standards by their target date of 2011. Read the article “FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal” at Journal of Accountancy online. Also, watch the video interview with Paul Volcker, chairman of the President’s Economic Recovery Advisory Board, on the effect of adopting IFRS on global capital.