Do We Still Need Convergence?

By Edith Orenstein, FEI Financial Reporting Blog -
Some PwC partners recommend putting the kibosh on further FASB-IASB ‘convergence’ efforts in favor of focusing on IFRS directly, as reported by Denise Lugo in her article, “PricewaterhouseCoopers Panelists Say SEC Should Nix Accounting Convergence," in the Sept. 5 edition of BNA's Daily Report for Executives.

“’It's taking too long, it's too hard to do, and it didn't work,’" PwC Partner David Schmid said about progress on FASB-IASB's Memorandum of Understanding (MOU), reported Lugo, based on a PwC IFRS webcast that took place on Sept. 4. Schmid added, according to BNA's Lugo, “it's no longer the time to focus on convergence… We want the FASB and the SEC to focus less on U.S. standards and focus on international accounting standards which we believe we will move to."

But.. if the MOU were to be put aside in favor of focusing on getting IFRS ready for full U.S. acceptance at some future date, would that impact the European Union's recent proposals to accept US GAAP by non-EU based companies listed in the EU, rather than require them to report there in IFRS like EU-based companies?

Read more about PwC's views and resources on IFRS, and read more about the EU proposals regarding acceptance of US GAAP here.

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FEI Financial Reporting Blog provides highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. It is written by Edith Orenstein, Director of Technical Policy Analysis at FEI

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