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Aiming for Global Accounting StandardsThe International Accounting Standards Board, 2001–2011$
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Kees Camfferman and Stephen A. Zeff

Print publication date: 2015

Print ISBN-13: 9780199646319

Published to Oxford Scholarship Online: June 2015

DOI: 10.1093/acprof:oso/9780199646319.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 08 December 2021

The IASB and the FASB Rush to Complete the Convergence Programme

The IASB and the FASB Rush to Complete the Convergence Programme

(p.546) 16 The IASB and the FASB Rush to Complete the Convergence Programme
Aiming for Global Accounting Standards

Kees Camfferman

Stephen A. Zeff

Oxford University Press

Until June 2011, the IASB and the FASB worked at a frantic pace to complete the convergence work programme included in their Memorandum of Understanding. Much of the drive came from the IASB, which did not wish to jeopardize the still existing possibility that the US SEC would decide in favour of IFRSs. The review of technical projects in this chapter highlights the challenges posed by the inherent complexity of the issues and the difficulties of achieving convergence by two boards with different priorities and constituencies. Despite several decisions to reduce the scope of the convergence agenda, the final record was mixed. Some projects were successfully completed, but four major projects remained unfinished by June 2011 when David Tweedie and the other remaining members of the initial Board retired.

Keywords:   convergence, memorandum of understanding, consolidation, financial instruments, revenue recognition, leases, insurance contracts, fair value

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