Concepts and Convergence
Concepts and Convergence
An Ever Closer Relation with the FASB
Between 2005 and 2008, the IASB’s technical agenda was increasingly dominated by convergence with US GAAP. In order to facilitate the lifting of the 20-F reconciliation, the IASB and the FASB agreed to a Memorandum of Understanding (MoU) in 2006, outlining a work programme of over a dozen convergence projects. The MoU was updated in 2008. A target or deadline for completion by mid-2011 was agreed, evidently with a view to a decision by the SEC on use of IFRSs by US domestic companies. The chapter reviews the most important convergence projects. To the alarm of some constituents, the work programme led the two boards to a fundamental reconsideration of several basic accounting concepts and practices. During the period, the IASB also completed a version of its standards designed for small and medium-sized entities (SMEs).
Keywords: convergence, business combinations, Revenue recognition, provisions, fair value, conceptual framework, IFRS for SMEs, financial statement presentation, financial instruments, IFRIC
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