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Journal entry — FASB and IASB delay project on financial statement presentation

Published on: Oct 25, 2010

On October 22, the IASB and the FASB stated that they will halt deliberations on their financial statement presentation project until after June 2011. The delay in the project will give the boards time to perform and finalize additional outreach, address concerns of constituents, and further develop other projects.

Some members of the boards expressed serious concerns about the project (e.g., its timing, perceived complexity, and costs to implement). Certain board members also noted that any proposal of change in financial statements should be finalized only after major changes are completed in projects on financial instruments, leasing, and revenue because such changes may affect financial statements. In addition, some members remarked that completion of this project before June 2011 is less urgent than completion of other convergence priorities.

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