We’ve been reading lots of stories about the proposed convergence of IASB and FASB standards. What, if any, impact will the proposed changes have on AR reporting?

The effort to converge the IASB and FASB standards began in 2003. No decision has been made by the SEC as yet in terms of adoption; there have been ongoing delays. The convergence would only affect public companies and not impact AR reporting. The plan would affect financial reporting on the balance sheets.

If this is a topic of further interest, you can read a scholarly analysis here from the University of Pennsylvania Journal of International Law.

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