The U.S. Financial Accounting Foundation sent a letter last week protesting a rule that requires members of a new panel established to shape international accounting standards to have committed to adopting the standards, Reuters reports. Since the United States has yet to commit to adopting international accounting standards, that rule could bar it from the panel and lessen its input into global standards.
The International Accounting Standards Board (IASB) in November proposed establishing an Accounting Standards Advisory Forum to provide input on international standards.
The IASB and the U.S. Financial Accounting Standards Board have been working on ways to converge U.S. and international accounting rules for some time. Recently the Securities and Exchange Commission, which oversees FASB, has seemed to cool on the idea of moving to an international set of standards.
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