The article FASB, IASB Leaders Boost Collaboration Efforts to Meet 2011 Convergence Goal by Alexandra Defelice covers the efforts being made by two prominent accounting standard setting bodies for convergence of accounting standards.
The highlight of this article is the convergence of international accounting standards and U.S. accounting standards by issuing a common set of new accounting standards which are easily and practically applicable throughout the world. The author presents issues related to convergence of accounting standards by quoting the chairmen of International Accounting Standards Board – IASB Sir David Tweedie and Financial Accounting Standards Board Chairman Robert Herz. Several of these comments are from the conference of International Financial Reporting Standards – IFRS held in New York. Both of the chairmen highlight the need for a single set of standards and the efforts these bodies are making to meet the deadline for 2011.
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