Chairmen of the IASB and FASB extend convergence timeline
14 Apr 2011
In a recent podcast, Sir David Tweedie, Chairman of the IASB, and Leslie Seidman, Chairman of the FASB, discuss the achievements of the convergence project and provide a revised timeline for completing the remaining projects.
An extract from the transcript follows:
"... we have decided to extend the timetable for a few additional months to enable us to check whether our conclusions will last the test of time. We are also mindful of the G20 target, we have been reminded of that many times over the last few years, and we intend to try to finish this convergence programme by end of 2011. The June target has helped us to get there but at the same time it is clear that we need a little more time to check the conclusions, and to ensure that the standards are of the highest quality." |
The IASB and FASB are expected to issue an updated convergence progress report shortly, which will be posted on the IASB and the FASB websites.
Click for the IASB announcement (link to IFRS website).