Accounting Convergence Roadmap Includes Pension/OPEBs

Employers’ accounting for pensions and other postemployment benefits is one of the destinations explicitly recognized in “A Roadmap for Convergence between IFRSs and US GAAP–2006-2008,” a Memorandum of Understanding between the FASB and the IASB jointly reached by the Financial Accounting Standards Board and the International Accounting Standards Board^®. [News Release] Convergence of U.S. and international accounting standards has been a major influence known for some years inevitably to be bringing significant change of the nature now being pursued in FASB’s project on pension/OPEB accounting reform. Although the IASB does not yet have a corresponding active project, action from both standards authorities is anticipated by 2008.