The joint proposal from the IASB and the US Financial Accounting Standards Board to change the way mergers and acquisitions are accounted for, may be an important test-case in the drive to converge accounting standards around the globe, according to KPMG's International Financial Reporting Group.
KPMG said the proposals were 'a positive step' towards greater unity under IFRS and US GAAP.
The proposals, it said, provide a strong signal of intent by the two standards bodies to continue efforts to reduce the remaining differences between their standards.
However, KPMG's International Financial Reporting Group said that only consistent final standards would confirm that the 'political will exists among both the international and US constituencies to achieve convergence of accounting standards' in the long term.
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