SEC staff floats compromise on transition to IFRS.
Nearly a decade after FASB and the International Accounting Standards Board (IASB) agreed to converge their standards in “The Norwalk Agreement,” the SEC staff floated a concept in May that would redefine convergence and establish FASB as an endorsement body for IASB standards in the U.S.
The paper (available at tinyurl.com/3wkej8m) outlines a concept informally referred to as “condorsement” that was first mentioned in December by SEC Deputy Chief Accountant Paul Beswick at the AICPA National Conference on Current SEC and PCAOB Developments.
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