U.S. GAAP convergence into IFRS by 2009 ???

Question

I heard SEC entered into an agreement with IASB to adopt the international accounting principles by 2009. Does it mean that I don't have to study GAAP anymore for my CPA exam??? Do I have to start learning the IFRS instead???

Answer 1

The IASB and the FASB have various joint initiatives to accomplish the goal of convergence, including:twice-yearly joint board meetings;aligned agendas, including explicit consideration of convergence potential in all agenda decisions
joint staffing of major projects;short-term projects to revise their individual standards to eliminate as many inconsistencies as possible;a convergence research project seeking to identify all of the substantive differences between US GAAP and IFRSs and to develop strategies for resolving them. Any recognition, measurement, presentation or disclosure topic in which a specific accounting treatment would be permissible under one basis of accounting but would not be permissible under the other basis of accounting is included in the project scope; andcoordination between their respective interpretive bodies (FASB’s Emerging Issues Task Force and the IASB’s International Financial Reporting Interpretations Committee