Posted: September 17th, 2017

Discuss whether the differences identified above can be resolved with the current approach for international standard setting.

Despite ongoing work by standard setters around the world, differences continue to divide. A current example involves lease accounting, which has now been under consideration for 5 years. Although there is consensus that leased assets should go on the statement of financial position, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are going different ways over definitions and treatment. In June 2014, the FASB vice-chairman James L Kroeker said ‘Differences in standards will persist because of the legal, regulatory and cultural differences between different jurisdictions’.
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