You Say IFRS, I Say FASBLets Call The Whole Thing Off

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Geoffrey Tickell
Monsurur Rahman
Romain Alexandre

Keywords

Convergence, IASB, FASB, Accounting Standards, Pensions

Abstract

This paper discusses the noticeable nervousness of many US-based financial statement issuers in adopting IFRS. For contextual purposes, the paper provides an overview of the FASB/IFRS convergence so far and its probable future. A detailed review of convergence in accounting standards is explained through the respective standards for Pensions and Other Post-Employment Benefits. The paper concludes by suggesting that, while one set of global steps is a noble goal, it might not achieve the desired goal of comparability.

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