FASB and IASB Revise Work Plan

Published on: 24 Jun 2010

As announced in their June 2 joint statement, the FASB and IASB are postponing the target dates for some of the projects identified in their Memorandum of Understanding (MoU). Today, they issued an updated progress report on their commitment to convergence of accounting standards and to achieving a single set of high-quality global accounting standards. The report includes a modified work plan as well as a joint statement to G20 leaders. The modified work plan retains a target completion date of June 2011 or earlier for the MoU projects for which “the need for improvement of both IFRSs and US GAAP is the most urgent.” Projects the boards consider lower priority, or for which further research and analysis are necessary, will be completed after the June 2011 target date. Separately, the boards plan to publish a consultation document about effective dates and transition methods. The table below indicates the new target date for each MoU project.

Modified Work-Plan Dates
20102011
Q2Q3Q4Q1Q2Q3Q4
MoU Projects
Accounting for financial instruments FASB ED IASB ED (Hedging) RT F
Balance sheet netting of derivatives and other financial instruments ED RT F
Revenue recognition ED RT F
Fair value measurements ED F
Leases ED RT F
Financial statement presentation — main project Staff draft1 ED RT F
Financial statement presentation — statement of OCI ED F
Financial statement presentation — discontinued operations ED F
Derecognition of financial instruments — disclosure IASB F2
Consolidations FASB RT IASB F
Consolidations — investment companies IASB ED F
Financial instruments with characteristics of equity ED RT F
Postemployment benefits ED F
Other Joint Projects
Insurance contracts IASB ED
Emissions trading schemes ED3
ED — Exposure draft(s) RT — Roundtables F — Final standard(s)

 


[1] In Q3 of 2010, the Boards expect to post to their Web sites a staff draft of proposed standards to reflect tentative decisions made to date to be used in extended shareholders outreach programs that are planned to be completed in Q4 of 2010.

[2] The IASB will finalize improved disclosure requirements that are similar to recently amended U.S. GAAP requirements. In 2012, the FASB will conclude its postimplementation review of the application of its amended derecognition requirements. The boards will then also decide about the nature and scope of any further improvements.

[3] Final standard expected in 2012.

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