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Accounting & Auditing
Convergence Process Extended to Ensure Quality
By: Justin Roberts
Justin Roberts
Senior Manager
Manufacturing & Distribution
Springfield
417.831.7283
On April 14, 2011, the Financial Accounting Standards Board and the International Accounting Standards Board announced an extension of the timeline to complete several major convergence projects. The boards have been working together for several years to achieve a more convergent set of high-quality standards for entities using either accounting principles generally accepted in the United States or International Financial Reporting Standards.
Both boards had been targeting June 2011 to complete new standards covering a range of topics, including revenue recognition, leases, insurance and financial instruments. The boards reiterated their commitment to achieving convergent standards on these major topics before the end of 2011.
The boards’ individual timelines will be updated over the next several days. In joint comments made immediately after the boards' meeting, the chairs were quick to point out the need for sufficient lead time prior to the new standards becoming effective to allow ample time for implementation.
For more on how these changes could affect your business, contact your BKD advisor.
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