The American accounting standards setter adjusts its plans in preparation for U.S. switch to international standards.
A mid-year update of the Financial Accounting Standards Board's agenda left no doubt that the group that writes U.S. accounting rules is now actively planning for U.S. GAAP to be replaced by International Financial Reporting Standards, possibly as soon as 2011.
In a webcast hosted by FASB on Monday, board member George Batavick said major projects, including lease accounting, financial statement presentation and revenue recognition, had been shrunk through "dramatic scope change" to ensure they can be completed by 2011, "since we now feel there is some urgency to convergence."
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