The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) have published a progress report on their joint work to improve International Financial Reporting Standards (IFRS) and US generally accepted accounting practices (GAAP), and to bring about their convergence.
Since their report last November, the boards have:
- Completed five projects: In the next few weeks the IASB will issue new standards on consolidated financial statements (including disclosure of interests in other entities), joint arrangements and post-employment benefits and both boards will issue new requirements in relation to fair value measurement and the presentation of other comprehensive income.
- Given priority to the three remaining memorandum of understanding (MOU) projects, as well as insurance accounting: The boards have made substantial progress towards completion of the three remaining MoU projects covering financial instruments accounting, leasing and revenue recognition, as well as their joint project to improve and align US and international insurance accounting standards.
- Provided for further time to finalise their convergence work: The boards have agreed to extend the timetable for the remaining priority convergence projects beyond June 2011 to permit further work and consultation with stakeholders in a manner consistent with an open and inclusive due process. The convergence projects are targeted for completion in the second half of 2011 (however, the US insurance standard, which has not yet been exposed, is targeted for the first half of 2012).
Leslie Seidman, chairman of the FASB, said: “The progress report highlights the many areas where we have already improved and converged our standards, and our plans for completion of the priority projects. We have also clarified our plan to continue to engage stakeholders in the remaining steps of the process, and give them an opportunity to review the draft standards before they are finalised.”
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