IASB and FASB update G20 on project timetables
24 Jun 2010
The IASB and FASB have submitted to the G20 leaders a Progress Report on Commitment to Convergence of Accounting Standards and a Single Set of High Quality Global Accounting Standards.
Here is the IASB-FASB Transmittal Letter to the G20 (PDF 53k). The progress report identifies and explains changes to the approach and timetables of a number of the boards' joint projects. The boards had previously Announced their Plan to Make these Changes on 3 June 2010, with three objectives:
- prioritise the major projects to permit a sharper focus on issues and projects that they believe will bring about significant improvement and convergence of IFRS and US GAAP.
- phase the publication of exposure drafts (EDs) and related consultations to enable the broad-based and effective stakeholder participation in due process that is critically important to the quality of our standards. This includes limiting to four the number of significant or complex EDs issued in any one quarter.
- issue a separate consultation document seeking stakeholder input about effective dates and transition methods.
Progress Report and Latest IASB Project Timetable |
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Click for Progress Report on Commitment to Convergence of Accounting Standards and a Single Set of High Quality Global Accounting Standards (PDF 64k).