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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 6 / 29

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6

International convergence—FASB actions

New standards

Joint projects with IASB

Business combinations: purchase procedures

Revenue recognition

Monitor IASB projects

Performance reporting

Goal is to develop the same standard and (eventually) converge agendas

Intent is to add no new differences between U.S. GAAP and IFRS

Existing differences

Hundreds of existing differences, even in revised    IRFS

Derivatives

Liabilities and equity

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