FASB, IASB Extend Convergence Project Deadline 'By A Few Months' | AccountingWEB

FASB, IASB Extend Convergence Project Deadline 'By A Few Months'

Earlier today, Financial Accounting Standards Board Chairman Leslie Seidman and International Accounting Standards Board Chairman David Tweedie jointly announced the decision to “extend by a few months” their work on major convergence projects which, according to the boards' updated Memorandum of Understanding, had been slated to be completed by June, 2011. The projects for which the June, 2011 deadline has been extended 'by a few months' include the boards' joint projects on:

  • revenue recognition,
  • leasing,
  • financial instruments, and
  • insurance projects.

The announcement was made during an interview of the FASB and IASB chairmen at the conclusion of this week's joint FASB-IASB board meetings; the interview was conducted by IASB Communications Director Mark Byatt. Additional details can be found here.