The boards intend to hold a joint webcast introducing IFRS 13 and the update to Topic 820. IASB ® Board acknowledges the COVID-19 related challenges that stakeholders face in effectively implementing new and amended standards. When the FASB took on a project to revise its accounting standard on foreign currency, it decided to include representatives of the UK Accounting Standards Board, the Accounting Standards Board of Canada, and the IASC on its Task Force. That effort resulted in the FASB’s publication of The IASC-U.S. Since the Board had concluded that the ultimate goal was beyond immediate reach, it established a near-term strategic goal of making financial statements more useful by increasing the international comparability of accounting standards while improving their quality. One of those milestones was the continued progress of the IASB/FASB convergence program (Nicholiasen’s Speech). IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. The SEC issued a press release stating its intent to consider the acceptability of IASC standards as the basis for the financial reports of foreign private issuers. The FASB and its counterpart in Canada undertook a joint project that resulted in both Boards issuing improved standards on segment reporting that were substantially the same. From the IFRS Institute – May 29, 2020. The joint revenue projectcommenced in 2002 and the key objectives of the project were to: 1. remove inconsistencies and weaknesses in existing revenue requirements; 2. provide a more robust framework for addressing revenue issues; 3. improve comparability of revenue recognition practices across entities, jurisdictions and capital markets; 4. provide more useful information to users of financial statements through improved disclosure requirements; and 5. simplify the preparation of financial statements by re… Comparison to US GAAP . In late 2008, the SEC issued a proposed Roadmap that, if adopted, could result in the mandatory use of international standards by U.S. SEC registrants as early as 2014. On November 7, 2007, the Financial Accounting Foundation (FAF) and the FASB responded to the SEC’s request for comments on its Concept Release (see above). 3, Reporting Accounting Changes in Interim Financial Statements, and changes the requirements for the accounting for and reporting of a change in accounting principle. In response to calls for improvements in the governance, funding, and independence of the IASC, it was reconstituted into the IASB. The AICPA, as the IASC member, coordinated U.S. involvement in IASC activities. The IFRS 9 project was originally part of the IASB’s and FASB’s joint convergence initiative. In September 2002, the FASB and the IASB met jointly and agreed to work together to improve and converge U.S. GAAP and IFRS. FASB | IASB Joint Education Meeting IASB Agenda ref 32A FASB Agenda ref 32A Responding to the covid-19 crisis. The European Union (EU) adopted legislation requiring all listed companies to prepare their consolidated financial statements using IFRS starting in 2005, becoming the first major capital market to require IFRS. In April 2005, SEC Chief Accountant Don Nicholiasen provided his views on a proposed “Roadmap” to eliminate by 2009 the requirement that foreign private issuers filing financial statements prepared under IFRSs reconcile reported net income and equity to U.S. GAAP (the 20-F reconciliation). Interest in international accounting began to grow in the late 1950s and early 1960s due to post World War II economic integration and the related increase in cross-border capital flows. Timeline. While reaffirming the FASB’s support for a single set of high-quality common standards developed by an independent, international standard setter, the letter argued against permitting the optional use of IFRS in the absence of the planned adoption by all SEC registrants, citing the complexity that would result from such a dual reporting system. In September 2008,the FASB and the IASB issued an update to the 2006 MoU to report the progress they have made since 2006 and to establish their convergence goals through 2011 (Update to 2006 Memorandum of Understanding). Feedback. Many of those were countries that lacked their own standard-setting infrastructure. IFRS.com | April 2009. New ... that the U.S. needs to continue its compliance with the SOX as part of the process of the convergence of the GAAP and IFRS standards. 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