IASB + FASB = FAIL

Stakeholders have given up hope of accounting convergence

duncan-wood

From Japanese and German to Arabic and Russian, every one of the world's top 10 languages has more than 100 million speakers – a point made at a meeting of the US Securities and Exchange Commission (SEC) on August 27, 2008, by the commission's then chairman, Christopher Cox. He went on to make the not-terribly-bold prediction that it "may be a very long time" before the world has a single, common language.

But Cox followed with something more daring: "Fortunately, we won't have to wait nearly as

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