The International Accounting Standards
Board and US Financial Accounting Standards Board have requested
feedback on the time and effort required in the transition to
converged IFRS/US GAAP accounting standards.
As part of
their convergence project, the standard-setters have several
major projects to be completed in 2011. The boards are attempting
to reduce the burden for stakeholders by issuing two separate
discussion papers in order to develop an implementation plan.
The IASB said it will consider the needs of
jurisdictions already using IFRS as well as those planning on doing
so.
The FASB and the IASB request feedback
by 31 January 2011.
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