FAF Promotes Benefits of U.S. GAAP
The Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, has launched a new Web page highlighting the benefits of U.S. GAAP.
The Web page, at www.accountingfoundation.org/gaap, comes at a time when U.S. standard-setters such as FASB and the International Accounting Standards Board appear to be drifting apart on their convergence efforts over more than a decade to harmonize U.S. GAAP with International Financial Reporting Standards. Although FASB and the IASB came together to unveil a mostly converged revenue recognition standard earlier this year, they have failed to agree on key components of their other two major convergence projects, on financial instruments and leasing. Read more on Accounting Today.