Editing Financial Accounting Standards Board (section)

=== Convergence to international comparability ===
In 2010, the SEC instructed the staff to create and implement a work plan that addresses whether, when and how U.S. GAAP should be merged into a global reporting model developed by International Accounting Standards Board (IASB)—the standards setting body designated by the International Financial Reporting Standards (IFRS). The SEC staff research included including convergence with IFRS and an alternate IFRS endorsement mechanism.<ref>{{cite web|title=Commission Statement in Support of Convergence and Global Accounting Standards|url=https://www.sec.gov/rules/other/2010/33-9109.pdf|publisher=SEC|access-date=26 April 2018|pages=16, 25|date=4 February 2010}}</ref>

In the resulting 2012 report, the SEC Staff asserted that the IFRS standards were not sufficiently supported by U.S. capital market participants and lacked consistent implementation methods. The report goes on to say that, while the U.S. financial reporting community does not support IFRS as the authoritative mechanism for US financial reporting, there is support for "high-quality, globally accepted accounting standards" as demonstrated in the joint efforts of the IASB and FASB to develop converged financial reporting for revenue recognition and lease accounting.<ref name="Work Plan">{{cite web|title=Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuers|url=https://www.sec.gov/spotlight/globalaccountingstandards/ifrs-work-plan-final-report.pdf|access-date=1 November 2017}}</ref>

The FASB and the IASB issued guidance on recognizing revenue in contracts with customers in 2014, establishing principles to report useful information to users of financial statements about the nature, timing, and uncertainty of revenue from these transactions.<ref name="Cohn RR">{{cite news|last1=Cohn|first1=Michael|title=FASB and IASB Issue Revenue Recognition Standard|url=https://www.accountingtoday.com/news/fasb-and-iasb-issue-revenue-recognition-standard|access-date=26 April 2018|work=Accounting Today|date=28 May 2014|language=en}}</ref> In May 2015 the SEC acknowledged that "investors, auditors, regulators and standard-setters" in the United States did not support mandating International Financial Reporting Standards Foundation (IFRS) for all U.S. public companies. There was "little support for the SEC to provide an option allowing U.S. companies to prepare their financial statements under IFRS." However, there was support for a single set of globally accepted accounting standards.<ref name="FASB_IASB_2015"/> The FASB and IASB planned meetings in 2015 to discuss "business combinations, the disclosure framework, insurance contracts and the conceptual framework."<ref name="FASB_IASB_2015_Lugo">{{citation |date=Jun 15, 2015 |first=Denise |last=Lugo |title=FASB-IASB make full circle return to the norwalk agreement }}</ref> As of 2017, there were no active bilateral FASB/IASB projects underway. Instead, the FASB participates in the Accounting Standards Advisory Forum, a global grouping of standard-setters, and monitors individual projects to seek comparability.<ref name="Cohn ASAF">{{cite news|last1=Cohn|first1=Michael|title=New FASB Chairman Makes Plans for Future Accounting Standards|url=https://www.accountingtoday.com/news/new-fasb-chairman-makes-plans-for-future-accounting-standards|access-date=26 April 2018|work=Accounting Today|date=29 July 2013|language=en}}</ref>