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FASB and IASB Play Tag Team

Posted on 16th Nov 2010 @ 7:21 PM

By Michael Cohn, AccountingToday.com


Financial Accounting Standards Board acting chair Leslie Seidman and International Accounting Standards Board member John Smith gave a fast-paced rundown of where the two boards stand on their various convergence projects, and the overall message seemed to be, “We’re listening to you, folks.”

The setting was Financial Executives International’s Current Financial Reporting Issues Conference in New York on Monday. The FASB and IASB officials took turns explaining how soon they expect to reach their goals. Of the ever-controversial financial instruments project, Seidman said, “I think the strategy to stagger things is working.” She noted that FASB had received over 2,800 comment letters. She freely admitted that “most of it was not fan mail,” but she described the series of follow-up interviews that her board was conducting, which seemed to be helping matters.

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