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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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The IASB and the FASB Rush to Complete the Convergence Programme

The IASB and the FASB Rush to Complete the Convergence Programme

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

Kees Camfferman

Stephen A. Zeff

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199646319.003.0016

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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