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Convergence Topics

Date recorded:

The Board noted that its short-term convergence project has effectively been divided into two phases:

Phase 1

The first phase of the IASB project is currently dealing with the following issues:

Topics

ED timetable

Restructuring costs

July-August 2003

Assets held for disposal

July-August 2003

Asset impairments and research and development

July-August 2003

Grants (replacement of IAS 20)

Before the end of 2003

Phase 2

This phase of the IASB project will address other differences between US GAAP and IFRS, including:

  • Income tax issues
  • Construction contracts (FASB will take the lead)

The FASB staff reported on their short-term convergence project. They expect to finish their phase 1 (non-monetary assets at fair value, commercial substance, depreciation, and accounting changes) by the end of May 2003. FASB expects to issue an exposure draft by the end of August 2003.

The IASB staff reported that they are working on some common projects with the FASB staff, including segment reporting.

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