Firstly, the FASB focuses mainly on setting standards and rules for accounting firms and individual certified public accountants practising in the United States.
In contrast, the IASB focuses on international accounting standards. Working to combine various accounting and financial reporting requirements developed by both entities, the FASB and IASB want to create a single set of international financial reporting standards.
Below are some key initiatives included in the Norwalk Agreement:. These are projects that standard setters have agreed to conduct simultaneously in a coordinated manner, including sharing of staff resources and making every effort to keep joint projects on a similar time schedule at each Board.
The short-term convergence is an active agenda project conducted jointly by FASB and IASB — expected to result in one or more standards that will achieve convergence in certain areas.
All Related. Related Projects. See Legal for more information. DTTL also referred to as "Deloitte Global" and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www. Correction list for hyphenation These words serve as exceptions. Borrowing costs. Discontinued operations IASB only. Government grants. Income taxes. Joint arrangements. Segment reporting. Business combinations. Companies using IFRS will be required to apply the revenue Standard for reporting periods beginning on or after 1 January early application is permitted ; public companies using US GAAP will be required to apply it for annual reporting periods beginning after 15 December including interim reporting periods therein.
Additionally, US non-public companies and organisations are to apply the revenue Standard for annual reporting periods beginning after 15 December , and interim and annual reporting periods thereafter. This website uses cookies to support your browsing experience, including cookies for signing in to your IFRS account and analytics cookies.
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Your Practice. Popular Courses. Table of Contents Expand. Financial Reporting. New Accounting Standards Impact. Convergence Pros and Cons. Quality of Financial Standards. CPA Attitudes. CFO Attitudes. The Bottom Line. This difference has posed a challenge in areas such as consolidation, the income statement, inventory, the earnings-per-share EPS calculation, and development costs. IFRS favors a control model whereas the U. GAAP prefers a risk-and-reward model. Because the GAAP has been used for so long by accounting professionals, it could be difficult to try another format, especially when the change could require learning a whole new system of financial accounting.
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