The prospect of one global accounting language seems much closer now that China and Japan are showing some interest
Two significant events are taking place this summer, both of which firmly underline the objective of the International Accounting Standards Board. At the end of June, the IASB joined forces with the US Financial Accounting Standards Board and the US Securities and Exchange Commission to host a convergence conference in London. At the conference, the IASB and FASB set out their plans for convergence of financial reporting standards and the SEC highlighted its implications. The other event, the IASB European roadshow, is due to visit 17 European countries over the next five months. Organised in conjunction with national standard setters, the number one objective is to focus on “convergence of IFRSs with national accounting standards, with a particular emphasis on US generally accepted accounting principles”, says the IASB.
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