Post-Convergence, IASB to Focus on Confusing Standards —WSJ/CFO Journal

Emily Chasan at the Wall Street Journal’s CFO Journal reports  that the chairman of the International Accounting Standards Board said Wednesday that he expects the board, which sets accounting rules for over 100 countries, will focus on  clarifying some of its most confusing accounting standards once it completes its key convergence projects with U.S. accounting rule makers.

Hans Hoogervorst, who became chairman of the IASB last year, said in a speech in Amsterdam he wants to “strengthen our basic principles” through a review of the conceptual framework  used as a basis for its accounting rules. He also said the board would tackle “thorny issues,” such as income figures, and measurement concerns about intangible assets, like goodwill accounting.

Establishing common standards around the world involves difficult issues