IASB and US FASB Publish Proposals to Improve the Financial Reporting of Leases

Posted: July 13th, 2022

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The FASB’s mission is to improve U.S. financial accounting standards for the benefit of present and potential investors, lenders, donors, and other creditors. Its ultimate goal of convergence was a single set of high-quality, international accounting standards that companies worldwide would use for both domestic and cross-border financial reporting. The FASB was of the view that these groups would benefit from the increased comparability that would result from internationally converged accounting standards, and that working cooperatively with the IASB to develop common standards would improve financial reporting in the United States and internationally, which in turn would foster global comparability and fulfill the FASB’s mission. Students are required to use the website listed below to research a specific convergence project.
FASB and IASB Convergence Projects: https://www.ifrs.com/updates/FASB-IASB_Projects.html.
Writing topic: IASB and US FASB Publish Proposals to Improve the Financial Reporting of Leases
(The financial reporting of leases-changes to lease accounting)
Requirements: provide a summary of the convergence project, address benefits, and challenges.

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