FASB and IASB joint meeting 2024

Each year, the two standard-setters meet to exchange news and views about their recent activities

Each year, the IASB and the FASB meet to exchange news and views about their recent activities. The meeting is billed as an educational session as it is purely about sharing information, and no decisions are taken. It is, however, of significance to many international companies and global investors. In their most recent meeting, the two boards discussed their work on post-implementation reviews of their standards for revenue recognition and leases. This article focuses on their processes as they are not exactly the same, and the differences between them generated a number of questions and observations. There will be information about the findings of the two reviews in the August/September 2024 issue.