IFRS

IFRS Convergence Still a Priority After G-20 Summit

By Todd Lucas
November 06, 2009

 

At the October 7-8 International Accounting Standards Committee (IASC) Foundation meeting following the G-20 Summit held in Pittsburgh, IASC trustees reaffirmed their commitment to developing a single source of global accounting standards. This statement came in response to comments made by the world leaders at the G-20 in which they called on “international accounting bodies to re-double their efforts to achieve a single set of high quality, global accounting standards within the context of their independent standard-setting process, and complete their convergence project.”

 

Additionally, the trustees continue to support projects described in the Memorandum of Understanding, which calls on the Financial Accounting Standards Board to complete convergence with International Financial Reporting Standards by 2011.

 

Also, on October 29-30, the American Institute of Certified Public Accountants (AICPA) and the IASC Foundation co-hosted a conference to help businesses and financial professionals gain a better understanding of the significant and impact of IFRS convergence, the impact on the United States and globally and how to prepare for implementation.

 

AICPA President and CEO Barry Melancon said, “This conference is an opportunity for financial professionals to obtain cutting-edge, expert guidance and learn from the top international and U.S. authorities who are developing the new IFRS Standards.”