US & Int accountants to align standards
Monday 30 January 2012 - by Andrew Hickley
The US Financial Accounting Standards Board and the International Accounting Standards Board said on Friday that they will jointly look at ways to align the key aspects of their models as part of separate reviews into their standards.
In a statement, IASB chairman Hans Hoogervorst said: "When IFRS 9 was introduced in 2009 we said that further amendments might be required once the direction of travel on insurance contracts became clear. We are now at that point.
"At the same time, this limited-scope review now presents an ideal opportunity to align IFRS and US GAAP more closely, in this important area of financial reporting.
"We will proceed with caution, recognising the investment that many jurisdictions have made in preparing for the introduction of IFRS 9 in 2015."
Seidman added: "The boards will share the feedback they have received on their respective decisions and strive to develop a more closely converged approach that addresses those concerns."
Speaking in Australia at the end of last year, Hoogervorst appeared to admit defeat over the boards being able to find a workable solution for both standards. The Dutchman said that the pair had "ended up in different places", instead pointing to increased disclosures as a method to help comparability between the standards.
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