London (Oct. 30, 2002) -- Marking a major step toward convergence on global accounting standards, domestic and international accounting rulemakers moved to formalize a joint project to eliminate the differences in accounting standards.
Following a two-day meeting in London this week, the U.S. Financial Accounting Standards Board and its overseas counterpart, the International Accounting Standards Board, agreed to add a joint short-term convergence project to their respective agendas to eliminate a number of differences between U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards. The elimination of those differences is part of an overall effort by both boards to improve the comparability of financial statements across borders.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access