IASB and FASB joint education session

The IASB and the FASB last met in November 2020, and once again the most recent meeting in July 2021 was held virtually. Nonetheless in a session of nearly four hours, they covered some useful ground on the topics that they are both working on, which included supply finance arrangements, and goodwill and impairment. They also devoted some time of their meeting to exchanging views on their differing approaches to their agenda consultations, and on feedback they have received to date. The meeting was also an opportunity for Andreas Barckow, the new IASB chair, to meet his US counterpart, Richard Jones; the two men chaired alternate sessions of the meeting. Albeit that the Boards are not actively working together to converge their standards, the issue of convergence surfaced a number of times in this meeting, notably in relation to the accounting for goodwill.