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April 25, 2012

IASB and FASB progress in convergence project

The International Accounting Standard Board (IASB) and the Financial Accounting Standard Board (FASB) have made significant progress in the convergence project despite delays.

In a progress report for consideration at the April 2012 meeting of G20 finance ministers and central bank governors, the boards said they are close to completing the Memorandum of Understanding (MoU) programme to achieve a single set of high quality, global accounting standards, within the context of an independent standard-setting process.

Of the longer-term projects, several have been completed and there are three of the originally identified projects, leases, revenue recognition and financial instruments, which the boards have yet to finalise the technical decisions.

Most of the short-term projects still required one of the boards to revise its requirements to better align them with those of the other board. These include the IASB revised segment reporting to align it with US GAAP. Other projects, such as share-based payments, still require both boards to issue revised standards.

 

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