TS’ usual state of bewilderment on IFRS was exacerbated last week when it received the latest news from PwC on the convergence project between the IASB and FASB.

Quoting FASB chairman Bob Herz on the joint M&A standard, the letter read: ‘The principles are set out in black letters, which we haven’t done before, and the wording flows differently. We’re eager to see how it is received.’

Black letters, eh? That’s clearly a radical departure, which has left TS stunned. Wording that flows differently is just a bonus, only hoped for in our wildest dreams.

We welcome any thoughts on how the project can move further, if it’s even possible.