Financial Statement Presentation Project 'Pauses,' Out of FASB, IASB June, 2011 Priorities

Oct 25th 2010
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In an article published today, FASB, IASB Suspend Financial Statement Presentations Project Due to Workload, BNA's Denise Lugo reports that at the final session of the FASB, IASB joint board meeting last week, the boards decided that the financial statement presentation project will be dropped from the list of priority agenda items on which they aim to converge by June, 2011.

Focus Of June, 2011 Convergence Plan Down To Four Remaining Projects; Liability-Equity Also Off June, 2011 List

As such, the financial statement presentation project -- and the separate project aiming at convergence of accounting for liabilities vs. equity (aka the 'liability-equity project), as noted in the separate article FASB, IASB Ditch Effort to Converge On Liability-Equity Accounting Issues by BNA's Stephen Bouvier -- will not be included among the four convergence projects prioritized for completion by the June, 2011 convergence deadline set forth in the FASB-IASB MOU as updated last year.

BNA's Lugo notes: "The four high-priority projects the boards expect to finalize by June 2011 are:

1. financial instruments,

2. leases,

3. revenue recognition, and

 4. insurance."

Read more about the above subject, and some upcoming conferences providing updates from the FASB, IASB, and SEC, here.

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