Questions over convergence (TT JulAug05 p21)

The Accounting Standards Board (ASB) is looking to redefine its role in the new era of accounting standard setting. The International Accounting Standards Board (IASB) wants to achieve convergence with US Generally Accepted Accounting Principles (GAAP). This raises the question of both the principle and the detail of accounting standards. Changes in accounting standards which will have a major impact on corporate reporting seem likely in the next few years.