"Progess" gained on accounting convergence
IASB chief sees progress on IASB/FASB efforts for accounting standard converegence
THE INTERNATIONAL accounting standard setter is “making progress” on converging with US accounting.
IASB chairman Hans Hoogervorst said that the three main projects to converge: Financial Instruments, Revenue Recognition and Leasing; and Insurance, were all heading towards agreement.
Speaking at Ernst & Young’s IFRS seminar in Moscow, Russia, Hoogervorst said: “There are many practical challenges facing the SEC in making the decision to [converge].
“I don‘t deny that they are real. However, both I and my counterpart at the FASB have made it clear that a continued programme of convergence by another name is not an acceptable way forward. I do believe that the US will ultimately come on board. Quite simply, they need us and we need them.”