U.S., International Accounting Heavyweights Meet With No Promises

Not long ago, the dominant organizations setting accounting standards on both sides of the Atlantic Ocean had a dream. They would work together to give investors consistent corporate reports down to how profits and expenses were tallied.

The 2008 financial crisis derailed that ambitious goal of international accounting convergence.

This week, the Financial Accounting Standards Board and its London-based counterpart, the International Accounting Standards Board, are tackling a less ambitious agenda. The two boards will meet in London July 23 in an annual group-think to bounce around ideas and talk about projects on their respective agendas. But they will make ...