Robert Herz, Financial
Accounting Standards Board (FASB) chairman’s, wishful thinking is to see the
day when FASB will become part of the International Accounting Standards Board
Speaking at the
IFAC World Accountancy
Forum during World Accountancy Week, he said it would be a single
organisation, called the International Accounting Standards Board, but it would
have an office in the US ‘maybe in Norwalk, Connecticut’ where FASB is based.
He also envisioned the organisation to have branches in other countries such
as China and said FASB had not only been discussing accounting convergence with
the IASB, but had also had separate bilateral meetings with regulators in China,
Japan and other countries.
He believed IASB needed to continue to work on improving the funding
mechanism which supported the organisation and noted IASB did not have the
political standing of organisations such as FASB, which had been funded by
mandatory contributions since the passage of the Sarbanes-Oxley Act.
The AAT has become the first accountancy body to sign the Women in Finance Charter, which is designed to help achieve gender balance in the financial services industry
New government measures to target abuse of a VAT simplification scheme may have 'unwelcome consequences' for small businesses, says the institute
Fiona Wilkinson to take up the position in June 2017
The AAT will deliver the end point assessments for the apprenticeships