Concerns about the quality of IFRS as it exists were shared by many of the commentators. They also questioned the viability of the IASB as a standard-setter. Unlike FASB, which is funded by SEC registration fees, the IASB gets its funding from donations, which IASB admits is not a long-lasting option. Its funding mechanism could also interfere with U.S. investors' preference for an independent standard-setter.
For IASB's part, the board's trustees have committed themselves to creating some sort of oversight board that would review the group's budget and funding mechanisms, as well as approve trustee appointments. Unlike FASB, IASB does not have the equivalent of an SEC to question its actions.
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Rick Macchiarulo
Dec 21, 2007 4:08 PM ET
fasb fade away
Ed...you do recognize that your question at the end of your insightful comments is rhetorical
Ed Ramos
Nov 14, 2007 12:48 PM ET
Convergence with what?
Convergence is the ultimate goal but convergence with what? Ed Ramos, CPA We discuss convergence between … more
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