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This post addresses the IASB FASB convergence issues.

Discuss how influential you believe the IASB is over FASB.
Discuss whether or not you support the U.S. adopting International Financial Reporting Standards for publicly traded companies.

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Discuss how influential you believe the IASB is over FASB.

In my opinion, the IASB has more power than the FASB because the IASB has more control over the international accounting standards, fields, and international community, than the FASB. Because the FASB has a smaller scope of authority as far as who they're authorized to oversee, it gives the IASB the upper hand. Also, because there have been convergence agreements to convert to IFRS, the U.S. has given the IASB a certain degree of influence that would otherwise be non-existent. This would be true with any type of agreement situation. Someone wouldn't likely agree to doing something the way that someone else does, ...

Solution Summary

The solution provides a detailed examination of how influential the IASB is over the FASB and also discusses whether or not the U.S. adopting International Financial Reporting Standards for publically traded companies should be supported.

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