The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have published an updated Progress report on their convergence efforts.

The report provides an update on progress under the Memorandum of Understanding between the IASB and FASB on the convergence of IFRSs and US generally accepted accounting principles (US GAAP) and confirms many of the decisions made at recent meetings of the boards.

The report confirms a target completion date of June 2011 or earlier for the following priority projects:

• joint projects on financial instruments, revenue recognition, leases, the presentation of other comprehensive income, and fair value measurement
• IASB projects on consolidation and insurance contracts.

In order to meet the June 2011 deadline, consideration of a number of other projects has been deferred until after June 2011, or timetables extended. This includes four joint projects, the investment company aspects of the consolidation project, and a number of independent projects of both boards.

The IASB has updated its Work Plan to reflect the above changes and provide more detail of the expected timing of pronouncements. A summary of the expected timing under the revised work plan is provided below (all pronouncements are finalised standards, unless otherwise noted):

Click for:

• 'Progress Report on Commitment to Convergence of Accounting Standards and a Single Set of High Quality Global Accounting Standards' (link to IASB website)
• Updated IASB work plan (link to IASB website)
• Our IASB agenda page, updated for the above changes.