Bridging the Ga(A)p: What accountants need to know about global accounting harmonisation.
Late in 2008 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) affirmed their commitment to a globally applicable set of high quality accounting standards and laid out a timetable for completing the harmonisation process. Dave Marlow, Training Consultant at CTG - a division of ILX Group plc, highlights some of the issues that still need to be addressed and what accountants should be doing to prepare for the coming changes.
A year ago, the IASB and the FASB updated their 2006 Memorandum of Understanding regarding the convergence of IFRS and US GAAP.
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