International and US standard-setters have changed strategy to
speed up the IFRS and US GAAP convergence project, according to
their latest progress report.
The International Accounting Standards Board (IASB) and the US
Financial Accounting Standards Board (FASB) said they delayed less
important projects; broader financial statement presentation,
financial instruments with characteristics of equity and emissions
trading schemes, consolidation of investment companies and the
reporting entity phase of the conceptual framework so priority
projects can meet the June 2011 deadline.
The prioritised projects are revenue
recognition, leases, presentation of other comprehensive income and
fair value measurement.
As part of their previous progress report
goals the IASB and FASB issued consultative documents on revenue
recognition, leasing, insurance, effective date and transition
methods.
In the past year, the standard-setters have also started
broad-based stakeholder outreach programmes on proposals that
include educational webcasts, industry workshops and public
roundtables and have begun considering the many hundreds of comment
letters received.
Regardless of the deferral of some projects the
IASB and FASB appear to be making headway in reaching convergence
but the pressure is on as there are
still several major projects to complete by the June 2011
deadline.
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