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The article reports that the accounting standards under the U.S. generally accepted accounting principles (GAAP) and the international financial reporting standards (IFRSs) have converged. The U.S. Financial Accounting Standards Board (FASB)has issued a statement announcing the move. The new U.S. standards create issues relevant to business enterprises planning to make acquisitions, to their advisors, and to users of financial statement information.

The article offers information on the Financial Accounting Standards Board's (FASB) issuance of FASB Staff Positions (FSPs) in 2003 to provide timely application guidance. It mentions that the FSP FIN 39-1, Amendment of FASB Interpretation No. 39, and FSP FAS 140-d, Accounting for Transfers of Financial Assets and Repurchase Financing Transactions, are to be applied to financial statements issued for fiscal years beginning after November 15, 2007.

The article discusses the joint project to consider the accounting for leases to be added in the agenda of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in the U.S. The agenda indicate a deadline of the second quarter 2008 for the release of a discussion paper for public comment. The possible result of the project will be that lessees will be required to reflect their commitments under operating leases in their financial statements.

The article discusses the coverage on the issued Statement of Financial Accounting Standards No. 157 (SFAS 157) "Fair Value Measurements" by the Financial Accounting Standards Board (FASB) in the U.S. The coverage includes on providing guidance on reporting assets and liabilities at fair value when called for under other standards, and to increase consistency in the application of fair value measurements. In addition, SFAS 157 defines fair value and has established a framework for measuring.

The article introduces the new Statement of Financial Accounting Standards (SFAS) 158 issued by Financial Accounting Standards Board. The statement stipulates employers's accounting for defined benefit pension and other postretirement plans. It requires companies to disclose more fully funded status of defined benefit pension and other postretirement plans on the balance sheet.