The Financial Accounting Standards Board and the International Accounting Standards Board are taking different approaches to setting standards for rate-regulated utilities, and a FASB board member sees little prospect for an agreement.
“This is one of those cases where differences between GAAP and IFRS may be inevitable,” said FASB member Thomas Linsmeier in a speech Tuesday at an accounting leadership and chief audit executive conference in San Francisco hosted by the Edison Electric Institute and the American Gas Association. “In the end, it is the FASB’s mandate to make the decision that is in the best interests of all the stakeholders in U.S. capital markets.”
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