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FASB sees its future as part of IASB

FASB sees its future as part of IASB

by Toby Lucich on December 6, 2007

Robert Herz, Financial Accounting Standards Board (FASB) chairman’s, wishful thinking is to see the day when FASB will become part of the International Accounting Standards Board (IASB).

Speaking at the IFAC World Accountancy Forum during World Accountancy Week, he said it would be a single organisation, called the International Accounting Standards Board, but it would have an office in the US ‘maybe in Norwalk, Connecticut’ where FASB is based.

He also envisioned the organisation to have branches in other countries such as China and said FASB had not only been discussing accounting convergence with the IASB, but had also had separate bilateral meetings with regulators in China, Japan and other countries.

FASB sees its future as part of IASB

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