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What is the Blueprint for the Convergence of U.S. and International Accounting Standards?

Financial Executives International TV

FASB
Robert H. Herz, Chairman

Runtime: 8:34

Key Takeaways

  1. The goal of convergence is to create a single set of accounting standards for financial reporting across global capital markets.
  2. Blueprint for creating a single set of standards:
    • Solidify IASB funding, structure and staffing.
    • Minimize modifications to standards by individual countries.
    • Develop a national plan to address U.S. infrastructure issues, including education, training, systems, and regulatory, tax and private company reporting requirements.
  3. It could take five-to-eight years to move from U.S. GAAP to IFRS.
  4. Companies with multinational operations should monitor SEC developments and start thinking about what it will take to move to IFRS.
  5. For more information on convergence, click here.

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