FASB issues Exposure Drafts to improve accounting guidance and support convergence of Global Accounting Standards.(Financial Accounting Standards Board )
Leader's Edge, January, 2004
The Financial Accounting Standards Board (FASB) issued four Exposure Drafts that would improve U.S. generally accepted accounting principles and converge U.S. accounting guidance with existing international accounting standards.
The Exposure Drafts reflect the progress that the FASB and International Accounting Standards Board (IASB) have made on a first phase of a joint short-term convergence project that was initiated in 2002. The short-term convergence project involves both the FASB and IASB comparing existing standards and conforming the two sets of standards to the higher-quality solution.
The short-term convergence project is part of a comprehensive project to converge their respective accounting standards into a common set of high-quality...
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