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January 30, 2023

IASB Chairman to Take His Accounting Standards and Go Home If FASB Doesn’t Want to Play

Hans Hoogervorst doesn’t sound at all passive aggressive here or anything:

Hans Hoogervorst doesn't sound at all passive aggressive here or anything:

"The FASB decided to stick to current American practices and leave the converged position," Mr Hoogervorst said.

"It's a pity. Convergence would have allowed the US to make the ultimate jump to IFRS. But nobody can force it to do so; if it wants to stick with US GAAP (Generally Accepted Accounting Principles – the US financial reporting standard), that's its choice. But IFRS moves on – we have a large part of the world to take care of."

First, why is he still wasting precious breath talking about this? It's over, dude. It's not going to happen. Get over it.

Second, if GAAP sucks so much, then why would the IASB want our input anyway? Maybe IFRS 9 was better off without our opinion on it.

Third, shut up.

Greg pretty much nails it:

Not sure what happened between May and now, as Hoogervorst was looking forward to "staying converged" with the U.S. back then and now he's like "yeah, forget it, you guys, we didn't want to converge with you anyway."

Well fine then!

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