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    FASB and IASB Convergence: IFRS

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    There has been talk for several years that the FASB and IASB are trying to converge their standards, but it seems to be a very slow process. Do you think this will ever happen and is it appropriate for vastly different economies (think developed nations with stable economies v. third world, developing countries with high inflation) to have the same standards? Why or why not?

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    It definitely has been a slow process. I think that there are and will be several areas that are going to have to be worked out in order for the main objectives to really be effectively accomplished. I think that it is acceptable on the reasoning of having a global standard in many ...

    Solution Summary

    The solution provides a detailed discussion determining if the FASB IASB convergence to IFRS will ever take place, and if it is appropriate for vastly different economies to have the same standards.