FASB, IASB To 'Retriple' Efforts To Meet 2011 Convergence Deadline

Oct 30th 2009
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This week is stacking up as a big one on the global accounting convergence front, with FASB Chairman Robert Herz calling on Wednesday for 'retripling' the two boards' efforts toward meeting their 2011 convergence target established in the FASB-IASB MOU. Herz’ remarks were reported by BNA's Steve Burkholder in IASB, FASB to Meet Monthly, Plan Aligning Schedules, Substance of Instruments Rules (BNA sub req’d). Monthly meetings could include videoconference meetings as well as in-person meetings, increasing the frequency of joint board meetings from the current practice of 2-3 joint board meetings per year. Additional information on the results of this week's joint board meeting between FASB and the IASB can be found in FASB's Summary of Board Decisions.
FASB's Summary of Board Decisions.

The 'retripling' of effort suggested by Herz builds on the call issued by the G-20 Leaders for “our international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards …and complete their convergence project by June 2011.” (See G-20 Leaders Statement.)

FASB and IASB leadership are on the speaking circuit in the U.S this week, with Herz and his counterpart at the IASB, Sir David Tweedie, providing a convergence update at an AICPA-IASCF conference in NYC yesterday, and Herz, his fellow board member Mark Siegel, and IASB board member Pat McConnell providing an update yesterday at the NYSSA's 16th Annual Financial Reporting Conference, chaired by Mark R. Newsome, CFA.

According to the AICPA-IASCF conference website, SEC Chief Accountant Jim Kroeker is scheduled to address the conference tomorrow on: “IFRS in the U.S.: Progress and Plans.” Presumably, he will include an update on the Commission’s plans for finalizing the SEC’s proposed IFRS Roadmap, released last November, with a comment deadline in February this year. Since that time, the SEC has been analyzing comment letters received. Read more here.


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