Is IASB/FASB “Convergence” Just a Charade?

Jim Peterson

Do latest developments suggest a slow death?

The gimlet-eyed Jim Peterson was never fooled.

Why no-one has called the question on this endless charade reflects the two-level fantasy in the dialog: the IASB and the FASB both pretend to believe in the desirability of fully-converged accounting standards, and the community of financial statement issuers and users pretend to believe them.

READ MORE →

Accounting Profession’s World Leaders Push for New Global Standards

New universal rules sought for audits and social responsibility.

IFAC - How important are the following issues for the accountancy profession
Click to enlarge: How important are these issues for the accountancy profession?

via IFAC

The accountancy profession’s top leaders worldwide see a new set of global auditing standards as a top priority, according to a survey by the umbrella organization of national and regional associations and institutes.

READ MORE →