The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) recently issued a progress report on the efforts to converge IFRS and US GAAP.
Since the previous update report, both boards have issued joint exposure drafts on leases and revenue recognition.
The boards have also completed the first phase of the conceptual framework, and have begun discussing financial instruments.
The progress report covers:
- Priority projects, including financial instruments, leases, revenue recognition, consolidations, fair value measurements, de-recognition, and insurance contracts
- Other projects, including post-employment benefits, joint ventures, financial statement presentation, financial instruments with characteristics of equity, and emission trading schemes
- An understanding of implementation time (typically 12-18 months after final standards are published)
- A deferral of work on the conceptual framework until after June 2011
No new pronouncements are in this progress report. It does show the efforts that the IASB and FASB have made in moving the two accounting systems closer to convergence.
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