FASB identifies short-term convergence issues

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21 Nov 2002

The FASB has decided to include the following issues within the scope of FASB's Short-term International Convergence Project: Classification of liabilities on refinancing Classification of liabilities due on demand due to violation of debt covenant Asset exchanges – recognition of gain/loss on exchanges of similar productive assets and intangibles Voluntary change in accounting policies Financial instruments – implications of IASB amendments to IAS 32 and 39 Discontinued operations – differences in definition and timing of remeasurement Accounting for costs associated with exit or disposal activities Inventories – idle capacity and spoilage Distinction between changes in accounting policies and changes in accounting estimates Income taxes – differences in application of the temporary difference approach to accounting for income taxes Financial reporting in hyperinflationary economies Joint ventures – differences in definition and use of proportionate consolidation Interim financial reporting – discrete period vs.

integral approach.
  • Research and development – capitalisation of development costs to be capitalized under certain circumstances.
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