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Pick a Number by Audra Ong, Roger Hussey

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CHAPTER 5

The Disagreements

About This Chapter

The process of converging U.S. Generally Accepted Accounting Principles (GAAP) and International Accounting Standards Board (IASB) standards continues to be a lengthy journey. The Financial Accounting Standards Board (FASB) and the IASB have been working closely on several projects for many years. Currently, the two Boards have four major joint projects that are due for completion as a major part of the conversion project. These are:

1. Revenue recognition

2. Leasing

3. Accounting for financial instruments

Classification and measurement

Impairment

4. Insurance

Despite the numerous meetings, plethora of documents, and dissemination of progress reports, these projects have still not reached fruition ...

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