If you are a registered user please log in to see more postings.
 

The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

Subscriptions to full posts available for $500 annually.
Getting To Convergence (Early)
Location: BlogsAAO Weblog (Public)    
Posted by: Jack Ciesielski 6/22/2007 1:24 AM
Old news now, but worth noting: at Wednesday's open meeting of the SEC, the Commission approved a proposal to let companies reporting under International Financial Reporting Standards do away with their annual reconciliations as mentioned last Friday.

Question: if the two sets of standards were already in synchronization, there'd be no need for a reconciliation, right? We're not there yet. So between the two bodies of accounting literature, we might get something like "convergence by decree" when this is done. And you have to wonder where that could leave the efforts to truly meld the two systems.

Oddly enough, no mention of the decision on the SEC's website. No press release, no mention in the daily SEC Digest. Hopefully the proposing release will arrive soon; I will surely link to it when it arrives.
Permalink |  Trackback