Current Status of convergence
The convergence between FASB and IFRS is been worked out with various key points. The Government is working towards it since 2002 and has been constantly reviewing the progress. An MOU was prepared which stated the convergence of a high quality standard with one goal of setting a common standard of accounting for all. The Board regularly updates the MOU. As for the current status of convergence, a transition group was formed by the Board which was set to resolve any issues which may occur in the process of converging the standards. The group aims to help companies account better and make ...