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IASB starts down path to converging accounting standards.(TRADELINE)(International Accounting Standards Board )
The old adage that, "Every journey begins with a single step." In what is the first step on the long road towards unifying domestic and cross-border financial reporting, the International Accounting Standards Board (IASB) has published a revised version of its Presentation of Financial Statements, or IAS 1.
Back in September 2002, IASB and the U.S. Financial Accounting Standards Board (FASB) officially set the foundation for a long-term strategic goal to harmonize U.S. generally accepted accounting principles (U.S. GAAP) with International Financial Reporting Standards (IFRS). The two entities want to ease friction in the global marketplace by creating a common set of accounting standards that will enable financial statements to be efficiently compared, regardless of origin.
In 2001, both groups had begun financial presentation projects, which created a stir because the IASB and FASB models were different. In response, the two boards decided to combine forces for the greater good. They agreed that they should not only address display of the income statement, but also that of the balance sheet, the statement of changes in equity and the cash flow statement.
"Any changes to the way financial information is presented will quite rightly attract much interest," said Sir David ...
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Source: HighBeam Research, IASB starts down path to converging accounting...