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The FASB and the IASB have been trying to align their respective accounting rules for years. But their efforts have yet to bear any significant fruit, with the US still miles away from incorporating so-called IFRSs into its own domestic accounting rules.
“There is a risk that, in the absence of a US decision on adoption, a decade of convergence may be followed by a new period of divergence”, IASB said in the report, which also provided a point-by-point response to the SEC’s study.
Privately, US banking industry insiders warned that there remain significant differences of opinion between the two accounting rule-setters.