Magazine article Business Credit

IFRS, GAAP Convergence Schedule Pushed Back

Magazine article Business Credit

IFRS, GAAP Convergence Schedule Pushed Back

Article excerpt

The International Accounting Standards Board (IASB) and its U.S. counterpart, the Financial Accounting Standards Board (FASB), announced a delay in their accounting standards convergence schedule at the end of April. While the original plan was to complete convergence work by April, the boards voted to delay the target for completion to the second half of 2011, although the U.S. insurance standard is targeted for even later, in the first half of 2012.

The two boards have been hard at work, erasing the boundaries between International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (GAAP). However, in their most recent progress report, the boards announced their decision to allot more time to complete the work of converging the two standards into one, cohesive global version.

"Today we are reporting further substantial progress on our work to improve and align international and U.S. accounting standards, while providing additional time to finalize the remaining convergence projects" said Sir David Tweedie, chairman of the IASB. "The convergence program continues to raise the standard of financial reporting worldwide, delivering much-needed improvements in key areas and providing a solid platform for global high quality standards. …

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