RegulationAccounting StandardsUS body warms to international standards

US body warms to international standards

Convergence of accountancy standards move a step closer with outcome of US vote

The US professional body for accountants has voted unanimously to recognise
London’s International Accounting Standards Board as their global reporting
standards-setter.

The amendment to the
AICPA
rules gives members the option to use International Financial Reporting
Standards as an alternative to US Generally Accepted Accounting Principles.

The measure is another step in the gradual convergence of IFRS and US GAAP,
as the IASB and the Financial Accounting Standards Board continue their roadmap
and cooperation. However, the IASB will be joining several organisations already
recognized by the AICPA as standards-setters.

Other bodies include: the FASB, the Governmental Standards Accounting Board,
and the Federal Accounting Standards Advisory Board. The Council’s action now
adds the IASB to the list of designated accounting bodies, although, the FASB
will continue to set standards in the US.

The AICPA, and its CPA2Biz subsidary, have created a new web site, IFRS.com
providing information about the main differences between the two sets of
standards, including videos and training programmes.

The institute estimates the Securities and Exchange Commission could set a
date of 2013 for adoption of IFRS.

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

1w Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

4m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter