IASB and FASB Report Substantial Progress Towards Completion of Convergence Program
April 21, 2011 (SmartPros) The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) today published a progress report on their joint work to improve International Financial Reporting Standards (IFRSs) and U.S. generally accepted accounting practices, and to bring about their convergence.
Since their report last November, the boards have;
Completed five projects: In the next few weeks the IASB will issue new standards on consolidated financial statements (including disclosure of interests in other entities), joint arrangements and post-employment benefits and both boards will issue new requirements in relation to fair value measurement and the presentation of other comprehensive income.
Given priority to the three remaining MoU projects, as well as insurance accounting: The Boards have made substantial progress towards completion of the three remaining MoU projects covering financial instruments accounting, leasing and revenue recognition, as well as their joint project to improve and align US and international insurance accounting standards.
Provided for further time to finalise their convergence work: The boards have agreed to extend the timetable for the remaining priority convergence projects beyond June 2011 to permit further work and consultation with stakeholders in a manner consistent with an open and inclusive due process. The convergence projects are targeted for completion in the second half of 2011 (however, the U.S. insurance standard, which has not yet been exposed, is targeted for the first half of 2012).
The progress report provides further details on the timeline for the completion of the remaining projects, and is available to download from the IASB and FASB websites.
Commenting on the progress report, Sir David Tweedie, Chairman of the IASB said:
Leslie F. Seidman, Chairman of the FASB, said:
2011 SmartPros Ltd. All rights reserved. Source: IASB