Work Plan Overview

Date recorded:

The project directors of both the FASB and IASB reviewed the current joint project timetable, progress made since the last joint meeting, and projects that have been assessed as 'at risk' for not meeting project deadlines.

A latent issue was identified by a Board member that was not explicitly addressed by the staff, which was the need to identify cross-cutting issues that affect the 'at risk' projects.

Some members of both boards seemed willing to accept that meeting the deadlines in the Memorandum of Understanding might mean having accounting treatments that were consistent across all issues (for example, accounting for performance obligations – something that affects several projects in which the current direction would result in inconsistent treatments). Other Board members put a premium on having consistent answers to similar problems and thought that constituents would be better served by 'getting it right the first time' rather than constantly revisiting issues. These exchanges were sharpest among the IASB members.

No decisions were asked or expected, but it was obvious that there is still a lot of stress in the two boards' agendas and agenda priorities, and that this stress is a source of frustration for both the Board members and the staff.

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