IFRS Translations. Editorial corrections. IFRS Taxonomy. Supporting consistent application. Work plan. Post-implementation Reviews. Pipeline projects. Open for comment. Better Communication in Financial Reporting. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.
IAS plus. Login or Register Deloitte User? Welcome My account Logout. Search site. Toggle navigation. The Concept Release, International Accounting Standards , sought broad input on a framework for the convergence of accounting standards and sought input on the conditions under which the SEC should accept the financial statements of foreign private issuers prepared using IASC standards and eliminate the requirement to reconcile those financial statements to U. At inception, it had 14 Board members from 9 countries, including the U.
The Norwalk Agreement set out the shared goal of developing compatible, high-quality accounting standards that could be used for both domestic and cross-border financial reporting. It also established broad tactics to achieve their goal: develop standards jointly, eliminate narrow differences whenever possible, and, once converged, stay converged Norwalk Agreement.
That policy statement also said that the SEC expects the FASB to consider, in adopting accounting principles, the extent to which international convergence of high-quality standards is necessary or appropriate in the public interest and for the protection of investors Policy Statement.
GAAP the F reconciliation. The proposed Roadmap identified several milestones that, if achieved, would support eliminating the reconciliation. After considering the input received, the SEC issued a final rule eliminating that requirement in December Final Rule. The Concept Release sought public input on whether to give U. Comment Letter. Under the proposed Roadmap, the Commission would decide by whether adoption of IFRS would be in the public interest and would benefit investors.
The SEC also proposed that U. Most recently, in a joint meeting held in October , the FASB and IASB reaffirmed their commitment to convergence, agreed to intensify their efforts to complete the major joint projects described in the MoU, and committed to making quarterly progress reports on these major projects available on their websites. As a further affirmation of that commitment, the Boards issued a joint statement describing their plans and milestone targets for achieving the goal of completing major MoU projects by mid We have updated our Privacy Policy.
By continuing to use this website, you are agreeing to the new Privacy Policy and any updated website Terms. International convergence of accounting standards is not a new idea. The concept of convergence first arose in the late s in response to post World War II economic integration and related increases in cross-border capital flows. Initial efforts focused on harmonization —reducing differences among the accounting principles used in major capital markets around the world.
By the s, the notion of harmonization was replaced by the concept of convergence —the development of a unified set of high-quality, international accounting standards that would be used in at least all major capital markets. The International Accounting Standards Committee, formed in , was the first international standards-setting body. The goal then, as it remains today, was to make it easier to compare businesses around the world, increase transparency and trust in financial reporting, and foster global trade and investment.
Globally comparable accounting standards promote transparency, accountability, and efficiency in financial markets around the world. This enables investors and other market participants to make informed economic decisions about investment opportunities and risks and improves capital allocation.
Universal standards also significantly reduce reporting and regulatory costs, especially for companies with international operations and subsidiaries in multiple countries.
There has been significant progress towards developing a single set of high-quality global accounting standards since the IASC was replaced by the IASB. As of , jurisdictions required the use of IFRS for all or most publicly listed companies, and a further 12 jurisdictions permit its use. The United States is exploring adopting international accounting standards.
In the meantime, because U. Actively scan device characteristics for identification. Use precise geolocation data.
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