About This Chapter
Accounting regulations are not static. Although the FASB and the IASB issue standards, they are subject to subsequent amendments irrespective of the progress of the convergence project. Accounting standard setters are continuously monitoring company practices and issue revised or new standards where there are perceived deficiencies.
Sometimes there are new business practices to be regulated, or political and legal decisions made at the national level that require a new standard or amendments to an existing one. Not surprisingly, the process of convergence becomes entangled with these political and legal influences.
We make no judgments as to whether the convergence efforts successfully resolve ...
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