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Financial Accounting Foundation to Provide up to $3 Million to IFRS Foundation tTo Aid Completion of Joint IASB Projects

January 28, 2014

NORWALK, Conn. , Jan. 28 -- The Financial Accounting Standards Board issued the following news release: The Financial Accounting Foundation (FAF) today announced that it will make a non-recurring contribution of up to $3 million to the International Financial Reporting Standards Foundation (IFRSF) to support the completion of international convergence projects. The FAF Board of Trustees made the decision in consultation with senior officials of the Securities and Exchange Commission (SEC). The contribution, to be made in up to three payments of $1 million during 2014, is intended to support the IFRS Foundation's standard-setting body, the International Accounting Standards Board (IASB), during the period that it is completing work on four joint accounting standards projects underway with the Financial Accounting Standards Board (FASB). The joint projects involve accounting for revenue recognition, leasing, financial instruments (both classification & measurement and impairment), and insurance. "Completing these joint projects clearly is in the best interests of FASB stakeholders, including all of those around the world who invest in U.S. capital markets," said FAF Chairman Jeffrey J. Diermeier . The contribution to the IFRSF will come from the FAF's reserve fund. The FAF Trustees made one previous contribution of $500,000 to the IFRSF in 2011. In addition to the cash contribution, the FASB over the past dozen years has dedicated much of its technical staff's time to the convergence projects. The FASB and the IASB have been working together to more closely converge U.S. GAAP and IFRS since they jointly signed the so-called Norwalk Agreement in 2002. [Category: Law/Legal] TNS 24HariCha-140129-30Furigayjane-4617105 30FurigayJane

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Source: Targeted News Service

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