Priorities Listed, and Feedback Counts, FASB, IASB State in 3rd Convergence Progress Report
In their 3rd Progress Report - published earlier this week - on the status of convergence projects outlined in their Convergence MOU (Memorandum of Understanding), the FASB and IASB list the 'priority' projects which are still slated for completion by June 2011 'if not sooner,' note lesser priority projects deferred, and emphasize that feedback from stakeholders is important as they complete these projects.
Priority Projects Slated for Completion by June, 2011
The progress report lists these projects as priority projects slated for completion by June, 2011:
- financial instruments,
- revenue recognition,
- the presentation of other comprehensive income, and
- fair value measurement.
Additional projects which the IASB targets to complete by June 2011 'if not sooner' include:
- improved disclosures about derecognised assets and other off-balance-sheet risks (aligning with recently issued US GAAP requirements),
- consolidations (particularly in relation to structured entities) and
- insurance contracts.
Read more here about the projects moved to 'lesser priority' status, and about FASB and IASB's comments regarding the role of stakeholder feedback on the standard-setting process.