The Financial Accounting Standards Board and the International Accounting Standards Board have published a report detailing their progress to date on achieving convergence of U.S. GAAP and International Financial Reporting Standards.
The two boards committed last November to redouble their efforts to bridge the major differences between the two sets of standards by June 2011. To accomplish that objective, the boards have accelerated and intensified their joint work. Instead of meeting jointly every four months, they have held 10 joint meetings totaling more than 100 hours of discussions since the agreement.
As of March 31, 2010, FASB and the IASB said they have achieved substantially all of the milestone targets they had set for the first quarter of 2010. The boards are on track to publish by mid-2010 exposure drafts for five major projects that would improve and achieve substantial convergence of U.S. GAAP and IFRS, including areas such as consolidations, revenue recognition, financial instruments with the characteristics of equity, and financial statement presentation.
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