The National Association of State Boards of Accountancy has written a letter to the Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, questioning the FAF’s recent decision to contribute up to $3 million to the International Financial Reporting Standards Foundation, the parent of the International Accounting Standards Board.
The contribution, to be made in up to three payments of $1 million during 2014, is intended to support the IFRS Foundation’s standard-setting body, the IASB, during the period that it is completing work on four joint accounting standards projects underway with FASB (see Financial Accounting Foundation to Provide up to $3 Million to IFRS Foundation). The joint projects involve accounting for revenue recognition, leasing, financial instruments (both classification & measurement and impairment), and insurance.
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