The report provides an update on progress under the Memorandum of Understanding between the IASB and FASB on the convergence of IFRSs and US GAAP and confirms many of the decisions made at recent meetings of the boards.
The report confirms a target completion date of June 2011 or earlier for the following priority projects:
- joint projects on financial instruments, revenue recognition, leases, the presentation of other comprehensive income, and fair value measurement;
- IASB projects on consolidation and insurance contracts;
- other projects: post-employment benefits, joint ventures, financial statement presentation, financial instruments with characteristics of equity, emissions Trading Schemes;
- additional consultation: effective dates and transition; and
- conceptual framework.
In other to meet the June 2011 deadline, consideration of a number of other projects has been deferred until after June 2011, or timetables extended. This includes four joint projects, the investment company aspects of the consolidation project, and a number of independent projects of both boards.
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© IASB - International Accounting Standards Board
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