16 June 2005

IASB Convergence Update

The International Accounting Standards Board (IASB) has issued a first short progress reports on its convergence work. In April, Charlie Commissioner McCreevy, SEC Chair Donaldson discussed a ‘roadmap’ that highlights the steps needed to eliminate the US GAAP reconciliation requirement for non-US companies in 2009 at the latest. The US Financial Accounting Standards Board (FASB) and the IASB continue to focus on convergence activities and will continue their discussions in the coming months, also involving the European Commission and the SEC. The staffs of the Boards are updating the work plan. The plan will include specific priorities for convergence work and projected timing.

Update

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