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Journal entry — FASB and IASB extend joint project timetable

Published on: Apr 15, 2011

In light of issues that still need to be addressed, the FASB and IASB decided yesterday to extend by “a few months” the timetable for their projects on revenue recognition, leases, financial instruments, and insurance contracts.

Both boards posted an interview with FASB Chairman Leslie Seidman and IASB Chairman Sir David Tweedie on their respective Web sites. Ms. Seidman noted that the boards “jointly concluded that, without extending the work out indefinitely, [the boards] could benefit from a few more months to develop these standards.” Sir David went on to say that the boards “intend to try to finish this convergence program by end of 2011” and further emphasized the importance of ensuring that the final standards are “of the highest quality.”

The boards are expected to issue updated progress reports on these projects in the coming days.

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