Yesterday the trustees of the IFRS Foundation announced that the FASB would be among the inaugural members to the Accounting Standards Advisory Forum (ASAF), the new group that will advise the International Accounting Standards Board on the development of International Financial Reporting Standards. The IASB will chair the new advisory body, which will consist of various members of the global accounting standard-setting community, who will serve at least two years, according to an IFRS release.
The FASB appointment comes despite the SEC’s failure to approve the use of IFRS by U.S. public companies and after decade-long convergence efforts between the FASB and IASB that have still not succeeded in harmonizing IFRS with U.S. GAAP.
Please let us know
if you have any comments about this article or enhancements you would like to see.