When that happens may depend on when the IASB can get to it.
The IASB and the IFAC signed an agreement in November to encourage harmonisation between public- and private-sector accounting standards.
European ministers instantly demanded that the International Accounting Standards Board (IASB) do likewise.
Some politicians, including the head of the congressional committee that oversees the SEC, worry about ceding standard-setting power to the IASB.
IASB's new rule on derivatives was rushed through without consulting the banks.
Others worry about the IASB's finances and its susceptibility to outside influence.
The IASB also proposes a rejig of how bad debts are recognised.
The IASB will probably plough on and hope the commission backs down.
Standards issued by the IASB are supposed to be endorsed without modification.
But that is not now the purpose of financial statements according to the IASB and so we have an obvious conflict of interest.
The IASB also wants to end the practice of banks marking the price of their own debt to market, though details are not agreed.
For several years, the SEC and the London-based International Accounting Standards Board (IASB), which oversees the international rules, focused on steadily bringing the two sets of standards together.
The IASB's position has been weakened by differences with the Financial Accounting Standards Board (FASB), which sets rules in America and which wants to merge eventually with the IASB (although a recent survey found only 24% of American finance executives supported this goal).
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