Things are heating up regarding IFRS
January 15, 2013
All the foot-dragging in the U.S. regarding adopting (or not adopting) international accounting standards may finally be coming to a head. The ICAEW (Chartered Accountants of England & Wales) for the first time has said enough. The organization has called on IASB (International Accounting Standards Board) to end its convergence project with FASB. FASB has been dragging its feet and frustration has been building, along with growing warnings from IASB that their patience is running out. Right now there are four Americans on the IASB board and more are thinking that the Americans should come off since there has been so little progress towards adopting IFRS. It has been 10 years since FASB and IASB began talking about a single set of standards.
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