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IASB and FASB Convergence

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Describe the current convergence efforts of the FASB and IASB in the area of accounting for taxes.

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The current convergence effort of the FASB and IASB in the area of accounting for taxes is that a joint exposure draft was published in 2009. The IASB issued ED/2009/2 relating to income tax in March 2009. There was joint discussion in October 2009 and the IASB decided not to finalize the ED, but instead undertook some limited scope amendments to IAS 12. According to the IASB, income taxes are a longer term research project in its feedback statement resulting from ...

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The answer to this problem explains convergence efforts of FASB and IASB in relationship to taxes . The references related to the answer are also included. 250+ words.