The U.S. Financial Accounting Standards Board is expected to be one of the standard-setters participating in a multilateral group that will be advising the International Accounting Standards Board, but it will be among at least a dozen standard-setters from around the world participating in the group.
Earlier this month, IASB’s parent organization, the IFRS Foundation, announced that it was creating an Accounting Standards Advisory Forum consisting of national accounting standard-setters and regional bodies with an interest in financial reporting. FASB chair Leslie Seidman and IASB vice chair Ian Mackintosh indicated Monday that FASB is likely to be participating in the new group, even as FASB and the IASB continue to work on completing their four main convergence projects left over from their decade-old memorandum of understanding. FASB has not yet made a formal decision to join the new group, though it plans to submit a comment letter.
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