This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FASB and IASB Extend Joint Project Timetable

Published on: 15 Apr 2011

In light of issues that still need to be addressed, the FASB and IASB decided yesterday to extend by “a few months” the timetable for their projects on revenue recognition, leases, financial instruments, and insurance contracts.

Both boards posted an interview with FASB Chairman Leslie Seidman and IASB Chairman Sir David Tweedie on their respective Web sites. Ms. Seidman noted that the boards “jointly concluded that, without extending the work out indefinitely, [the boards] could benefit from a few more months to develop these standards.” Sir David went on to say that the boards “intend to try to finish this convergence program by end of 2011” and further emphasized the importance of ensuring that the final standards are “of the highest quality.”

The boards are expected to issue updated progress reports on these projects in the coming days.

Accounting Journal Entries Image

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.