Template:Did you know nominations/Convergence of accounting standards

Convergence of accounting standards

 * ... that accounting standards of various countries are being converged into a single set of standards?

Created/expanded by Well-rested (talk). Self nom at 08:47, 2 May 2012 (UTC)


 * Symbol question.svg: the article may need a few tweaks before hitting the main page: (1) Is it worth mentioning financial statements and their audience/purpose somewhere in the lead? (2) v. US-centric, especially the claim in the lead "in particular to reduce the diff between US GAAP and IFRS" - the source for that is the US standards body so that's obviously going to be their main focus - those responsible for UK GAAP or Timbuktu GAAP may well make the same claim; (3) may be worth adding "US" before Financial Accounting Standards Board (FASB) (4) might be clearer to move current projects to after history; (5) lots of references to PwC none to other firms; (6) what's the difference between IAS and IFRS? (7) is it worth providing a brief explanatory gloss to the criticism re fair value and other technical issues not immediately comprehensible to the layman? (8) what's the process of implementation in the first year - preparation on both bases? (9) are some entities obliged to adopt these standards? listed companies? are others exempt? SMEs? Charities? I think per, er, Supplementary Guideline D7 there's an expectation of a reasonable level of completeness before an article hits the main page, and maybe that's a little more onerous a requirement for such a topic? otherwise hook, length, date all good etc; I see you're well-rested, so hopefully you don't mind these suggestions, Maculosae tegmine lyncis (talk) 19:36, 14 May 2012 (UTC)
 * Note: just left a note on the author's page today about the above issues; we should wait for a response. BlueMoonset (talk) 17:59, 26 May 2012 (UTC)
 * I... erm... I... wow, that's a lot of suggestions! I'll consider the suggestions in greater detail this coming week, but some quick responses off the top of my head for now:
 * Yup, I should probably add a quick summary of financial statements in the lede.
 * Hmmm... I'll have another look at this one. As far as I know, convergence probably is actually US-centric in the sense that GAAP-IFRS convergence has the longest history and has had the most work. But I agree that my POV here might be biased by the fact that the sources are US-centric. I'll think about this one.
 * Why? Is it unclear as it is? (Honest question)
 * Probably a good idea - will look at the structure of the article in greater detail this week.
 * Agreed. Haven't had enough time recently to add more sources. :)
 * The nomenclature here is actually terribly confusing. To summarize, (a) IFRS usually refers to the entire set of requirements published by the IFRS Foundation; (b) IFRS can also refer to the subset of the requirements that are named "IFRS 1", "IFRS 2" etc; (c) IAS usually refers to another subset of the requirements labelled "IAS 1", "IAS 2", etc; and (d) confusingly, the board that comes up with these standards is called the IASB.
 * Good point; I'll try to elaborate on that.
 * Oh that's actually covered in one of the standards. Good point too - I'll add that in if I have the time :)
 * Yet another good point! And once against I'll add that in if I have the time.
 * Right, thanks for the suggestions and I'll see how I can implement them these 1-2 weeks. By the way, how will this work? Will the DYK nom be taken down while the article is being improved or something? - Well-rested Talk  05:52, 29 May 2012 (UTC)
 * Right, thanks for the suggestions and I'll see how I can implement them these 1-2 weeks. By the way, how will this work? Will the DYK nom be taken down while the article is being improved or something? - Well-rested Talk  05:52, 29 May 2012 (UTC)