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Chairmen of the IASB and FASB extend convergence timeline

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14 Apr 2011

In a recent podcast, Sir David Tweedie, Chairman of the IASB, and Leslie Seidman, Chairman of the FASB, discuss the achievements of the convergence project and provide a revised timeline for completing the remaining projects.

The IASB and FASB will be extending, by a few months, the timeline for completing their convergence projects on revenue recognition, leases, financial instruments and insurance contracts. Chairman Seidman explained that the delay is due to the significant amount of constructive feedback received and that it will take additional time to work through all the issues.

An extract from the transcript follows:

"... we have decided to extend the timetable for a few additional months to enable us to check whether our conclusions will last the test of time. We are also mindful of the G20 target, we have been reminded of that many times over the last few years, and we intend to try to finish this convergence programme by end of 2011. The June target has helped us to get there but at the same time it is clear that we need a little more time to check the conclusions, and to ensure that the standards are of the highest quality."

The IASB and FASB are expected to issue an updated convergence progress report shortly, which will be posted on the IASB and the FASB websites.

Click for the IASB announcement (link to IFRS website).

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