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

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out