PCOAB and POB join hands

With the recent Dodd Frank law amending the accounting rules to permit exchange of information with overseas regulators, the Public Company Accounting Oversight Board (PCOAB) and its British counterpart Professional Oversight Board (POB) have signed an agreement to...

Lease accounting convergence

Another step towards convergence of the accounting standards. On August 27, 2010, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) jointly published an Exposure Draft, outlining proposed major changes to Generally...

UK getting set to adopt IFRS

The Accounting Standards Board (ASB) is ready to incur 78.9 million pounds in order to move to the International Financial Reporting Standards (IFRS). The new system would introduce across the business community, but the ABS insists the cost will be well worth it. The...

The convergence project

October 2002 was a significant year in the history of accounting. The Norwalk Agreement , a memorandum of understanding was announced by Financial Accounting Standards Board and the International Accounting Standards Board (IASB). This was a significant step towards...