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Interview with Hans Hoogervorst, Chairman of the IASB

We have a great opportunity to get straight answers from the Chairman of the IASB, Hans Hoogervorst, on burning issues concerning the future strategy of the IASB.

Mr Hoogervorst, what is your assessment of the Process of Convergence between the IASB and the FASB so far? Are you satisfied with the achievements made so far? Where do your frustrations lie? How do you assess the future of the convergence process? Do you expect that its outcomes will be satisfactory for the IASB?

The convergence process was a good way to get the IASB and the FASB working together to improve our respective standards and to bridge the major differences between IFRS and US GAAP. The process has had many successes, but also some challenges. For example, the boards were able to achieve converged standards in major areas, such as revenue recognition, fair value measurement, business combinations and segment reporting. In other areas we have not managed to achieve convergence, most notably in financial instruments accounting.

Although the convergence process is coming to an end, the IASB and the FASB will continue to work in close co-operation. It is important that we seek to maintain the current level of converg...