This has consultation response has been done with the assistance of the members of ACCA’s Global Forum for Corporate Reporting.
Over the last decade or more there has been significant convergence on a global set of accounting standards and on the harmonisation of accounting treatments across the world. This has been a major achievement and benefit for investors, corporations and the accountancy profession among others. A principal interest for ACCA as the global body for professional accountants is, having achieved this progress, to limit any major future divergence between the key standard setting bodies, above all between the International Accounting Standards Board (IASB) and FASB.
We welcome FASB’s approach of including in their ITC the possibility of a fundamental review of accounting for the issues of intangible assets, pensions, liabilities/equity and reporting performance and cash flows.