For those not in a finance/accounting profession, this is likely going to read like a big bore.
For those of us in an accounting role, it's big news.
"But for many U.S. constituents of financial reporting—standard setters, CFOs and other corporate executives, auditors, and investors—the end of convergence carries much more significance. The coming home to roost of certain unavoidable differences between America and the rest of the world seems to have led to a widespread conclusion that there can be no single correct way of accounting for corporate finance."
Looks like GAAP and IFRS are both sticking around.
No GAAPIFRS.
Or IFRSGAAP.
Or even FAAPSIRG.
Out for now......
Matt