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FASB issues two convergence exposure drafts

  • FASB (old) Image

10 Oct 2008

The US Financial Accounting Standards Board has issued two separate but related Exposure Drafts for public comment.

The two proposed FASB Statements, Going Concern and Subsequent Events, would:
  • incorporate accounting guidance that originated as auditing standards into the body of authoritative literature issued by the FASB, and
  • converge US GAAP generally accepted accounting principles and International Financial Reporting Standards.
Including this guidance in authoritative accounting literature as well as in auditing standards emphasizes that accounting and reporting are the primary responsibility of an entity and its management, not its auditor. Click for Press Release (PDF 20k).

 

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