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FINANCIAL REPORTING / INTERNATIONAL

FASB, IASB Announce Delay on Priority Projects

 

By MATTHEW G. LAMOREAUX
APRIL 14, 2011

The heads of FASB and the International Accounting Standards Board (IASB) on Thursday announced they will take “a few additional months” beyond their June target date to complete priority joint convergence projects on revenue recognition, leases, financial instruments and insurance.

 

“Our next step is to lay out the plans for the completion of the work on the remaining projects,” said FASB Chairman Leslie Seidman in a podcast summary of the boards’ April 12-14 joint meeting. “This is going to include: how are we going to complete our technical discussions, and importantly, how are we going to consult with stakeholders as we move forward to finalizing these standards.”

 

Seidman added that the boards intend to post their conclusions on those decisions in the next convergence progress report “due to be published in the next few days.”

 

“We are working with our respective oversight bodies to set out this timetable to conclude these remaining projects,” said IASB Chairman Sir David Tweedie in the podcast.

 

Regarding effective dates, Seidman said they “want to reassure people that [the boards] will allow ample time for them to understand the requirements and to plan for an effective transition to the new standards once those decisions are made.”

 

Click here to read the complete transcript of the podcast.

 

Also read the JofA’s exclusive March interview with Seidman in which she discusses convergence and other topics:

 

 

—Matthew G. Lamoreaux (mlamoreaux@aicpa.org) is a JofA senior editor.

 

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