US companies hoping for a quick and tidy convergence process between US and international accounting rules had their hopes officially dashed with the release of a revised timetable, yesterday.
The International Accounting Standards Board (IASB) released a “modified” timetable which shelves low-priority projects including its work on financial instruments with characteristics of equity, financial statement presentation, insurance and emissions trading proposals.
The board had been working furiously with its US counterpart, the Financial Accounting Standards Board (FASB), to reach common ground on all their accounting rules by a self-imposed June 2011 deadline.
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