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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