The Financial Accounting Foundation, which oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, is coming out in support of a proposal to create a new Accounting Standards Advisory Forum of international standard setters, but is balking at a requirement that participants need to make a commitment to International Financial Reporting Standards.
The IFRS Foundation, which oversees the International Accounting Standards Board, has proposed the creation of the new forum as a way to create a multilateral group that will advise the IASB on the future development of International Financial Reporting Standards. As FASB and the IASB near the end of their 10-year memorandum of understanding for converging U.S. GAAP with IFRS, standard setters in countries outside the U.S. have pushed for greater involvement in the process and are impatient with the Securities and Exchange Commission for not making a decision to support IFRS for use by U.S. companies. FASB chair Leslie Seidman has expressed interest in the new forum, but the board has not yet made a commitment to join it (see FASB Expected to Participate in New IASB Accounting Standards Group and FASB Chair Looks to New IASB Relationship).
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