IFRS

The International Public Sector Accounting Standards Board is mulling new guidance on how the public sector should account for revenue and non-exchange expense transactions, such as the provision of education, health care and defense, in light of the revenue recognition standard.

The Financial Accounting Standards Board voted Wednesday to proceed to a final standard on hedge accounting, part of the financial instruments project that FASB had been working on for years with the International Accounting Standards Board before the two boards went their separate ways.

The international board is seeking input on accounting for some of the world's most precious assets.

Profs. Miller and Bahnson analyze a quartet of futile pursuits, from political interference with standard-setting to convergence.