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GAAP.RUNewsTweedie’s third way could help bridge the rules gap

Tweedie’s third way could help bridge the rules gap

IASB unveils “Tweedie model” to reconcile US and international accounting standards

Author: Mario Christodoulou

Publication date: 18 June 2010

The bridge between US and international fair value rules may lie in a third proposal, which could offer account users a convenient means to reconcile the two divergent accounting standards. The International Accounting Standards Board (IASB) and its US counterpart the Financial Accounting Standards Board (FASB) have taken differing approaches to classification and measurement of bank assets; an issue at the centre of accounting issues highlighted by the crisis.

The International Accounting Standards Board (IASB) and its US counterpart the Financial Accounting Standards Board (FASB) have taken differing approaches to classification and measurement of bank assets, an issue at the centre of accounting issues highlighted by the crisis; however, IASB chairman Sir David Tweedie told the Journal of Accountancy that the two standards could be reconciled on paper.