ICAEW has described as 'an important milestone' publication of three new International Financial Reporting Standards by the International Accounting Standards Board and the US Financial Accounting Standards Board.Completion of the standards (IFRS 10, Consolidated Financial Statements, IFRS 11, Joint Arrangements, and IFRS 12, Disclosure of Interests in Other Entities) brings the IASB and FASB rulebooks closer together and, as such, represents another significant step towards convergence.
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