RegulationAccounting StandardsUS wants progress on single set of standards

US wants progress on single set of standards

Calls for improvements to loan loss provisioning

The US government has affirmed its desire for a single set of accounting
standards by the end of 2009.

A white paper says the convergence of its Generally Accepted Accounting
Principles with the International Financial Reporting Standards will help
‘revive’ the financial system in the US.

It calls for clarification on the use of fair value accounting standards,
particularly those applying to financial instruments by the end of 2009.

The paper also suggests improvements to loan loss provisioning, while
emphasising that the transparency of financial statements should not be lost in
the process.

Related Articles

IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter
Former CFO joins IASB board

Accounting Standards Former CFO joins IASB board

1y Stephanie Wix, Writer
MEP calls for IASB pay cuts

Accounting Standards MEP calls for IASB pay cuts

1y Richard Crump, Writer
IASB issues amendments to insurance contracts standard

Accounting Standards IASB issues amendments to insurance contracts standard

1y Richard Crump, Writer
IASB chairman Hoogervorst to prioritise communication effectiveness of financial statements during second term

Accounting Standards IASB chairman Hoogervorst to prioritise communication effectiveness of financial statements during second term

1y Richard Crump, Writer
IFRS Foundation to cut board size and improve transparency

Accounting Standards IFRS Foundation to cut board size and improve transparency

2y Richard Crump, Writer
Indonesia set to achieve full IFRS convergence

Accounting Standards Indonesia set to achieve full IFRS convergence

2y Calum Fuller, Reporter
FASB publishes US leasing standard

Accounting Standards FASB publishes US leasing standard

2y Calum Fuller, Reporter