SEC illustrates convergence confusion
Those of you with their finger on the pulse will know that one of the big topics doing the rounds at the moment is convergence.
It looks like the EC and the SEC have finally got their finger out and are trying to make it so that companies using IFRS that are also listed in America don’t have to fiddle around with their accounts before filing them in the US.
Of course the issue is very complicated and, frankly, TS is pretty much stumbling around in the dark on this one. Fortunately help is at hand.
SEC chief accountant Donald Nicolaisen has laid it all out in black and white for those that want to know, with handy illustrations to boot. And, as you will see if you click on the image below, everything suddenly becomes much clearer with this helpful Venn diagram. Without it we’re sure most of you would still be struggling to grasp the concept of convergence.