Convergence
Date recorded:
The Board addressed the logistical challenges to be faced by companies adopting IFRS in 2005 based on the large number of changes to existing standards and the issuance of new standards. The Board will attempt to stagger the effective dates up to 2005 to ease this concern.
The Board noted that several items in the convergence project conflict with the improvements project and will attempt to work with the FASB to address these issues. The staff noted that the Board will address specific issues during its November 2002 meeting.