The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) have published a progress report on improvements to International Financial Reporting Standards and US generally accepted accounting practices and their convergence. The report notes that the boards have:
Completed five projects — as mentioned in our previous article, the IASB will be issuing new standards on consolidation, joint ventures, and disclosures.
Given priority to the three remaining MoU projects and insurance accounting — the boards have made substantial progress on their projects on financial instruments, leases, revenue recognition, and insurance projects.
Extended the timetable on convergence projects — the convergence projects are now scheduled for completion in the second half of 2011.
See full Press Release.
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