CASE STUDY Whither The Withering Standard Setters? Sir David Tweedie, chairman of the International Accounting Standards

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CASE STUDY
Whither The Withering Standard Setters?
Sir David Tweedie, chairman of the International Accounting
Standards Board, is once quoted as saying that the IASB and the
FASB will eventually merge. "U.S. standards and ours will become so
close that it will be senseless having two boards, and they will
merge eventually. Ultimately, it doesn't make sense having two
standard setters producing the same standards."
Required:
1. Go to the Web sites of the International Accounting Standards
Board
(https://www.ifrs.org/groups/internation ... rds-board/)
and the U.S. Financial Accounting Standards Board (www.fasb.org)
and (https://www.fasb.org/page/index?pageId= ... index.html).
Compare and contrast the two boards in terms of their composition
and standard setting processes.
2. Why is so much attention paid to convergence between
International Financial Reporting Standards (IFRS) and U.S. GAAP
and not to convergence between IFRS and other national accounting
standards? What evidence is there of the direction of convergence:
Is U.S. GAAP converging to IFRS, are IFRS converging to U.S. GAAP,
or are they converging toward each other?