In this Outlook for 2013, Bloomberg BNA talks to leading decision-makers and experts for their insights on convergence efforts, the complexity of accounting regulations, and the work of the Financial Accounting Standards Board (FASB) as it marks its 40th anniversary.
FASB Chairman Leslie Seidman says that although it is time for the relationship with the International Accounting Standards Board (IASB) to change in 2013 in terms of the side-by-side convergence approach, FASB will continue cooperation with the standard setter to improve U.S. generally accepted accounting principles and enhance global standards. In an interview with BNA correspondent Denise Lugo, Seidman - who leaves the board June 30 due to term limits - gives accounting insights on current events and discusses issues causing uncertainty and complexity, and speaks of the board's 2013 global standard setting position.
In related matters, Veronica Poole-the global leader on technical issues of Deloitte's international financial reporting standards team-says that besides a further round of leasing proposals, IASB is slated to issue a new revenue recognition standard, and another impairment exposure draft. For his part, American Institute of Certified Public Accountants (AICPA) President and Chief Executive Officer Barry Melancon says enhanced regulation has hindered the profession, clarifying that a plethora of regulations has created a heightened level of complexity.
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