IASB and FASB consult on effective dates for convergence accounting standards
Oct 19, 2010
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published documents seeking views on when new financial reporting standards resulting primarily from their work to improve and achieve convergence of International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP) should become effective.
With a number of major projects planned to be completed in 2011, the boards are seeking views on whether or how to sequence effective dates in order to reduce the burden to interested parties. In deciding how to proceed, the IASB will consider the needs of jurisdictions already using IFRSs as well as those planning to do so. Feedback from the consultation will inform the boards as they jointly develop an implementation plan for those new standards that helps stakeholders to manage both the pace and cost of change.
The request for views is open for comment until 31 January 2011.
- IASB press release (PDF 35k)
- IASB request for views: Effective Dates and Transition Methods (link to IASB website)
- FASB press release (link to FASB website)
- FASB Discussion Paper: Effective Dates and Transition Methods (link to FASB website)
- FASB podcast about the Discussion Paper (link to FASB website)