IASB and FASB issue progress report on convergence programme
21 Apr 2011
The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have published a progress report on improvements to International Financial Reporting Standards and US generally accepted accounting practices and their convergence.
The report notes that the boards have:
- Completed five projects — as mentioned in our previous article, the IASB will be issuing new standards on consolidation, joint ventures, and disclosures.
- Given priority to the three remaining MoU projects and insurance accounting — the boards have made substantial progress on their projects on financial instruments, leases, revenue recognition, and insurance projects.
- Extended the timetable on convergence projects — the convergence projects are now scheduled for completion in the second half of 2011.
Click for:
- IASB press release (link to IASB website)
- April 2011 progress report (link to IASB website)
- The IASB's updated work plan reflecting the updated expected timing of the issue of pronouncements (link to IASB website)
