IASB Convergence

Summary

SEC and FASB are working to eliminate differences between US GAAP and IASB standards

Developments

SEC concept release 33-8831

The Commission is publishing this Concept Release to obtain information about the extent and nature of the publics interest in allowing U.S. issuers, including investment companies subject to the Investment Company Act of 1940, to prepare financial statements in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board for purposes of complying with the rules and regulations of the Commission.

SEC proposal release 33-8818

The [SEC] is proposing to accept from foreign private issuers their financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as published by the International Accounting Standards Board ("IASB") without reconciliation to [US GAAP].

Staff testimony

FASB/FAF response

Commentary

FASB Actions

Exchanges of Nonmonetary Assets
Amends APB Opinion 29
FASB summary
FASB status
Eliminates differences between the measurement guidance in Opinion 29 and that in IAS 16, Property, Plant and Equipment, and IAS 38, Intangible Assets

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