Further evidence that the world is getting to be a smaller place every day. And that the SEC's blueprint for moving the US to international financial reporting standards is just around the corner...

On June 16, the FASB will hold a forum at Baruch College, entitled "High-Quality Global Accounting Standards: Issues and Implications for U.S. Financial Reporting." Panelists will be "users of financial statements, representatives of small and large companies both public and private, auditors, regulators, educators, and others representing facets of the U.S. economy that would be affected if there were a move from U.S. Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS)."

If there were a move? Maybe we'll understand the "if" a little more after the SEC blueprint hits the 'net. I suspect that it will be out before this forum; it would make sense for the FASB to schedule such a production for a time frame after the SEC's plan becomes public.

Other international news: the FASB has signed a "Memorandum of Understanding" with their Chinese counterpart, the China Accounting Standards Committee, committing "to strengthen cooperation and communication between the two standards-setting organizations." More specifically:

• The two bodies will work to improve understanding technical issues "to facilitate economic interaction between the two countries";
• They'll exchange experience of accounting standard setting, implementation, and international convergence; and

   

• They intend to "exchange opinions regularly and build the technical foundation for sharing views on convergence of accounting standards."

This internationalization of accounting standards is happening faster than investors realize, because it hasn't resulted in changes to standards or financial statements - yet. That's typically how investors find out about what's going on in the accounting world - when it's after the fact and it's baked into the financials. When internationalization is in full swing, I suspect there will be a lot of head-scratching by investors.