Over this first decade of the 21st century, especially since the International Accounting Standards Board went through its reorganization, there has been a lot of talk about the advantages and even the need for convergence on a single worldwide set of standards.Some of it is the usual buzz on the latest news item du jour, and some of it is mere political twaddle with no substance and lots of posturing, predictably positioning the speakers on the side of angels.
Lately, though, the talk is getting more serious, with the Securities and Exchange Commission allowing filings by foreign companies using International Financial Reporting Standards, instead of U.S. generally accepted accounting principles, and perhaps allowing American companies to use them, too. In addition, Financial Accounting Standards Board Chairman Bob Herz has made comments recently that very much sounded like a merger could be in the offing.
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