February 18, 2014
NASBA has been following the U.S. GAAP/IFRS debate for a number of years and has consistently taken a position supporting disciplined convergence, respecting that the Financial Accounting Standards Board (FASB) should continue to be responsible for accounting standard setting in the United States.
In late January, the Financial Accounting Foundation (FAF) issued a press release announcing a significant contribution to the International Financial Reporting Standards Foundation (IFRSF), which oversees the International Accounting Standards Board (IASB) that develops and publishes IFRS.
The contribution, to be made in up to three payments of $1 million during 2014, is intended to support the IFRS Foundation’s standard-setting body, the IASB, during the period that it is completing work on four joint accounting standards projects underway with the FASB. The joint projects involve accounting for revenue recognition, leasing, financial instruments (both classification & measurement and impairment), and insurance.
Though the press release notes that the contribution relates to completion of joint accounting standard projects currently underway, the amount of and reasoning for the contribution is curious.
Recently, NASBA issued a letter to the FAF to express concern regarding the information shared in the press release. A link to the letter is available below.
Read Full Letter
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