IFRS update: FASB may be changing course

Description

Abstract: The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are nearing completion of their 11-year-old convergence project, ironing out differences between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Still, significant differences remain, and the SEC continues to express reservations about adopting IFRS in the United States. This article summarizes recent events.