FASB, IASB Want Feedback on Convergence Burden, Timeline


FASB and the International Accounting Standards Board (IASB) posted a survey online to collect views from users about the time and effort that will be involved in adopting several new standards and when those standards should be effective. The boards are seeking further input on these issues because, they said in a press release, a request for comments in a document released last October drew a “limited number of responses” from users and, for FASB, private entities.

 

The boards said the survey should take about five to 10 minutes to complete.


The survey requests feedback on the potential effective dates and transition methods of the following joint convergence projects—Accounting for Financial Instruments, Leases, Revenue Recognition and Insurance Contracts.

 

Last week the standard setters announced that they would need “a few additional months” beyond their June target date to complete the four joint convergence projects at issue in the survey.

Completed surveys are requested by May 6. The summary of survey data that will be presented to the boards will not identify individual respondents and will present feedback at an aggregated level, the press release said.

 

More from the JofA:

 

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

SPONSORED REPORT

8 accounting and auditing issues you can’t afford to ignore

Download this sponsored report for an overview of some of the most important developments accountants and auditors are facing today.

DOWNLOAD

Filing season quick guide — Tax year 2014

Tax season started Jan. 20. Download our “quick guide,” a printable card that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.

TAX NEWS

Expired tax provisions extended for 2014

President Barack Obama signed legislation that retroactively extended more than 50 expired tax provisions for 2014, allowing taxpayers to take advantage of a host of tax incentives during this filing season.