FASB wants 'national plan' for accounting standards
US authorities should move towards a national plan for a single set of accounting standards says FASB boss
US authorities should move towards a national plan for a single set of accounting standards says FASB boss
The US standard setter wants the USA to draw up a
‘national
plan‘ so as to move towards a single set of global accounting standards.
Financial Accounting Standards Board chairman, Robert Herz, said the shift
would also come in as little as four years.
‘We need to put together a timetable and a national plan. When you see most
the rest of the world having moved towards IFRS, the time has come for us to say
‘OK, when are we joining them and how do we envisage that occurring?’
Herz, and International Accounting Standards Board chairman, Sir David
Tweedie, were speaking to the FT in a joint interview at the FASB’s
headquarters in Connecticut.
The comments come amidst criticism of the convergence plan from Europe, for
being too US-based.
‘Both boards have signed up for principles-based standards. People are
worried that convergence means an avalanche of US GAAP coming their way. That
isn’t going to happen,’ said Sir David.
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW cited managing insurance costs, firms struggling to obtain coverage, assessing risk-taking capacity, and evolved firm structures as drivers ...
View articleThe IESBA emphasizes the importance of timely and global adoption of their standards. For corporate accountants, this means staying updated with chang...
View articleKPMG's faces record fine for a widespread exam cheating scandal, implicating senior staff and highlighting systemic ethical issues in the professional...
View articlePwC's Australia tax scandal has led to significant changes, including over 300 job cuts and the refusal to share a crucial report with Australian parl...
View articleAccountants and accounting firms play a crucial role in maintaining financial integrity, facing ethical dilemmas and regulatory challenges. Adherence ...
View articleThe creation of an effective sustainability standards infrastructure requires not only high-quality sustainability reporting and assurance standards, ...
View articleChanges will help to make accounting profession more attractive, ICAEW boss says Read More...
View article38% of firms required significant improvements, prompting the council to state Tier 2 and Tier 3 firms must "prioritise audit quality improvements and...
View article