Convergence and the Conceptual Framework Select at least two convergence topics

Question

Convergence and the Conceptual Framework

Select at least two convergence topics from the 2006 Memorandum of Understanding (and the 2008 progress report) and write a paper analyzing how the convergence of FASB and IASB rules or standards have developed to create to a common framework as outlined in the Conceptual Framework Project. In addition, include aspects of accounting theory that are being applied in the topics selected.

References:

http://www.fasb.org/intl/MOU_09-11-08.pdf

http://www.ifrs.org/Use-around-the-world/Global-convergence/Convergence-with-US-GAAP/Documents/MoU.pdf

Explanation / Answer

Short-Term Convergence of accounting standards created to achieve high quality and standards of report. There was an MoU finalised in 2008 where elimination took place of one or more short-term project. The two groups FASB and IASB created the short term convergence project. It helped to amend standards which was introduced as a part of fair standards. The IASB planned to create standard on income taxes. The FASB proposed standards on accounting where possibility of U.S. public companies would adopt IFRS policies.

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