Convergence by the Financial Accounting Standards Board and the International Accounting Standards Board is wrapping up. Despite some disagreement, collaboration has resulted in converged or largely converged standards in areas such as business combination, employee stock compensation and revenue recognition, former FASB Chairman Robert Herz writes. Completion of convergence will allow the FASB to pursue other projects, including standards for lease accounting. It also will let the FASB focus on improving U.S. generally accepted accounting principles, Herz writes.
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