The proposals represent "a game changer in the comparability and usefulness of financial statements," said IASB Chair Hans Hoogervorst.
“We want to give investors the right handles to look at a balance sheet,” the board's chairman Hans Hoogervorst says.
"Cherry picking" and boilerplate reporting are in the SEC's crosshairs.
FASB and the IASB back away from the goal of a single global accounting language.
The former chairman of the SEC declares that full-scale adoption of IFRS in the United States is no longer possible, but his European counterparts disagree.
Despite its global implications, the sovereign debt crisis is taking a back seat to European leaders’ desire for a long-term road map for the currency union.
