Cooperative Efforts with Other Standard Setters
National Standard Setters
The U.S. is one of seven national accounting standard setters that have an IASB Member resident in their jurisdiction. The IASB Constitution envisages a "partnership" between the IASB and these national bodies as they work together to achieve the convergence of accounting standards world-wide. In accordance with this goal, the group meets two times per year. The other national standard setters are:
|Australian Accounting Standards Board (AASB)
Financial Reporting Standards Board (FRSB)
|Canada||Accounting Standards Board (AcSB)|
|France||Conseil Nationale de la Comptabilité (CNC)|
|Germany||German Accounting Standards Committee (DRSC)|
|Japan||Accounting Standards Board (ASBJ)|
|United Kingdom||Accounting Standards Board (ASB)|
The FASB and the Accounting Standards Board of Canada are currently conducting a joint project to address Combinations Between Mutual Enterprises. The objective of this project is to develop guidance on the accounting and reporting for combinations between two or more mutual enterprises.
American Free Trade Agreement Committee (AFTA)
The FASB is an active member of the AFTA Committee on Financial Reporting Matters, which was established in response to the recommendations of the 1995 joint study on “Financial Reporting in North America.” Its objective is “to improve the overall quality and comparability of [accounting] standards and enhance users’ ability to analyze and compare enterprises among the four countries (Canada, Chile, Mexico and the United States).” The group meets annually to discuss common accounting issues and to keep up-to-date on each other’s standard-setting activities.
New Edition of Significant Differences in GAAP in Canada, Chile, Mexico and the United States Published
In addition, the AFTA Committee has been responsible for publishing and updating an analysis of significant differences in the accounting principles among the member countries. The group recently published the fourth edition of Significant Differences in GAAP in Canada, Chile, Mexico and the United States. It identifies GAAP differences among the accounting pronouncements issued in those countries as of October 2002 as well as GAAP differences between those countries and the IASB. The English version of this publication has been published on behalf of the AFTA Committee by the Canadian Institute of Chartered Accountants (CICA).
Additional information, including how to order the English version of the new edition, is available on the “Research and Guidance - Research Activities - Recent Publications” section of the CICA web site (www.cica.ca).