Oh, Them? The FASB? Yeah, Don't Pay Any Attention to Them

In a move that, once again, shows that when the U.S. Government wants the FASB to just shut up and do what it's told, the Feds are asking for a single set of accounting standards by the end of 2009.

This after somebody the Chairman of the FASB stated via dis song that it would be 10-15 years until convergence would occur.

In a vaguely written article at Accountancy Age, a "white paper" states that "convergence of its Generally Accepted Accounting Principles with the International Financial Reporting Standards will help 'revive' the financial system in the US."

First of all, we'd love for someone to explain just exactly how one uniform set of accounting standards will act as as a defibrillator for the entire economy and second, yes, it's all about us, Team America getting revived, thankyouverymuch.

US wants progress on single set of standards [AccountancyAge] Sphere: Related Content