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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 7 / 29

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International convergence—FASB actions

“Short term” convergence projects

Choose between existing IASB and FASB standards

Presumption => more recent standard is likely to be superior

Examples of current short term projects

Nonmonetary exchanges => more gain recognition

Accounting changes => more retrospective applications

Liability classification => different criteria for classification as current obligations

Examples of short term projects to be taken up next

Income taxes

Research and development

Interim reporting

Will this project achieve “substantial convergence” by 2005?

Most frequently occurring differences?

Largest items in magnitude?

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