the following are the key initiatives that the FASB has undertaker to further the goal of international convergence.
1- What are the liaison LASB between FASB.
2- what are the policies and procedures of FASB and LASB.
3- what are the the short-term convergence aspectds.
4- what are the other joint projects being conducted with the IASB and FASB.
5- what are explicit consideration of convergence potential.
As a result of these and other initiatives, the board expects to make significant progress toward international convergence in the next few years. however, because of the volume of differences and the complex nature of same of the issues, many differences will persist well beyond 2005.
Required: Differentiate principally between IASB and FASB focusing on convergence and harmonization.
* ( 400 word)
* international accounting standars board ( IASB)
* Finance Accounting Standares Board ( FASB)
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