Securities and Exchange Commission (SEC) chief accountant James
Kroeker said he would support the IASB and FASB cutting the number
of convergence projects due in June 2011 if there was good
rationale for the delay, the Journal of Accounting
reports.
The FASB and IASB are working on 11 standards
over the next 14 months in order to complete the IFRS/US GAAP
convergence project. Although there has never been a rigid deadline
set by the US regulator, the G20 has recently placed pressure on
standard-setters to ensure convergence targets are met.
Kroeker said it is more important to ensure
that a thorough exposure process takes place and the final
standards are a long term and sustainable solution.
Specifically, he said standards on financial
instruments and lease accounting should remain top of the boards’
priority list.
Conversely, Kroeker doesn’t believe revenue
recognition was a high priority right now although he could see
room for improvement to the industry-specific approach used in US
GAAP.
The SEC will be providing public updates on
its progress, with the first report due out this October.
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