The International Accounting Standards Board is headed toward a more multilateral approach in the formation of International Financial Reporting Standards, as the U.S. appears increasingly unlikely to throw its support behind IFRS this year.
For the past decade, the IASB and the Financial Accounting Standards Board in the U.S. have been carrying on talks to converge IFRS with U.S. GAAP. Despite progress in producing a number of converged standards, they have been unable to complete work on several of their top-priority projects of recent years, including financial instruments, leasing and insurance contracts.
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