The Journal of Accountancy reported the heads of the U.S. FASB and IASB who have been working to resolve standards differences agree that their current convergence process should be replaced by one that is more manageable and effective.

According to the Journal, FASB chair Leslie Seidman said at the AICPA National Conference on Current SEC and PCAOB Developments that side-by-side convergence is not the optimal model in the long run. Hans Hoogervorst, chair of the IASB, spoke immediately after Seidman at the conference in Washington and echoed her sentiment.

Seidman said FASB would like to work with the IASB to complete the current priority convergence projects on revenue recognition, leasing, financial instruments and insurance. But she said indefinite convergence is not a viable option, politically or practically, the Journal said.

To read the full Journal of Accountancy article: click here.