Efforts to reconcile Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) are on track.
Speaking before the council of the European Union, Sir David Tweedie, chairman of the
Tweedie said the work between the London-based IASB and the Norwalk, Conn.-based Financial Accounting Standards Board was intensifying. “These intensive discussions are achieving positive results. We plan to publish seven joint proposals in the next quarter. The Boards individually will also propose other changes to bring their own standards in line with each other.”
He also noted that in February that the
"For nearly 30 years, the Commission has promoted a single set of high-quality globally accepted accounting standards, which would advance the dual goals of improving financial reporting within the U.S. and reducing country-by-country disparities in financial reporting," SEC Chairman Mary L. Schapiro said in a statement. "But supporting this goal is only the beginning of the discussion, not the end."