The Financial Accounting Standards Board (FASB) in the USA will issue four Exposure Drafts that would improve U.S. generally accepted accounting principles and converge U.S. accounting guidance to existing international accounting standards. The documents will be available later today on the FASB’s website at www.fasb.org.
The Exposure Drafts reflect the progress that the FASB and International Accounting Standards Board (IASB) have made on a first phase of a joint short-term convergence project that was initiated in 2002. The short-term convergence project involves both the FASB and IASB comparing existing standards and conforming the two sets of standards to the higher-quality solution.
The short-term convergence project is part of a comprehensive project to converge their respective accounting standards into a common set of high-quality accounting standards. In addition to this short-term project, the Boards are jointly working on several projects on major accounting topics and are developing a coordinated agenda for continuing the convergence effort.
The Exposure Drafts propose the following accounting requirements: