By Michael Cohn, includes “The Financial Accounting Foundation, the parent organization of the Financial Accounting Standards Board, has launched a new Web page highlighting the benefits of U.S. GAAP. The Web page, at www.accountingfoundation.org/gaap, comes at a time when U.S. standard-setters such as FASB and the International Accounting Standards Board appear to be drifting apart on their convergence efforts over more than a decade to harmonize U.S. GAAP with International Financial Reporting Standards. Although FASB and the IASB came together to unveil a mostly converged revenue recognition standard earlier this year, they have failed to agree on key components of their other two major convergence projects, on financial instruments and leasing. …”
