April 25, 2012 12:15:28 pm
The Financial Accounting Standards Board
(FASB) and the International Accounting Standards Board
(IASB) are reporting that they expect to issue final, joint standards in their major convergence projects by mid-2013. According to the report, the boards have planned the steps to completing their objective of joint standards deliberately, and delays in the process are unfortunate but necessary.
In the second quarter of 2012, the boards will revisit their joint project on revenue recognition, with the final standard expected in early 2013. They will also re-expose their projects on leases; insurance; and impairment and classification and measurement of financial instruments in the second half of 2012. The boards stated that re-exposure is necessary to respond to stakeholder feedback and ensure appropriate charges are adopted.
Tags: Accounting Standards
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