International accounting panel offers U.S. a seat

02/26/2013 | Reuters

The International Accounting Standards Board, to gain credibility and encourage the accounting community to adopt its rules, is offering the U.S. a seat on its newly established 12-nation forum. The U.S. Securities and Exchange Commission has not yet decided whether to incorporate the IASB's International Financial Reporting Standards into the U.S. financial reporting system for public companies. Last month, the G-20 reiterated its call for a single set of accounting standards for investors and gave the IASB and the U.S. Financial Accounting Standards Board until December to report on their convergence projects.

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