Convergence Headquarters


Follow progress of convergence efforts between the U.S. Financial Accounting Standards Board and the International Accounting Standards Board. Links to the most current work plans of the standard setters are provided below, in addition to progress reports from standard setters, frequently asked questions on exposure drafts and other resources to help you keep track of accounting convergence.

IASB Workplan
  
FASB Technical Plan
  
Progress Report
The timetable shows the current best estimate of document publication dates. The effective date of amendments and new standards is usually 6-18 months after publication date, although in setting an effective date the Board considers all relevant factors. In appropriate circumstances, early adoption of new standards will be allowed. Links to individual project pages are provided on the Work Plan section of IASB website. (IASB.org)
  
The U.S. Financial Accounting Standards Board provides a schedule to help its constituents monitor the progress of and plan for their involvement in the Board’s standard setting activities. The schedule provides a current estimate of the publication dates of due process documents expected to be issued in the next 6 quarters. Links to individual project pages are provided in this section of the FASB’s website. (FASB.org)
  
Progress Report on Commitment to Convergence of Accounting Standards and a Single Set of High Quality Global Accounting Standards

This is the standard setters’ fourth progress report on their work plan.

Download report (PDF).


Featured Convergence News
More    

FASB, IASB Chiefs Agree New Convergence Model is Needed
The heads of the U.S. and international accounting boards that have been working to resolve standards differences agree that their current convergence process should be replaced by one that is more manageable and effective. (Journal of Accountancy)

SEC Staff Paper: A Comparison of U.S. GAAP and IFRS
November 16, 2011 - The staff paper provides a summary of similarities and differences between the two sets of standards. It also describes the status of the convergence efforts of the FASB and IASB in aligning various standards as part of their Memorandum of Understanding (MoU).

IASB and FASB Publish Revised Proposal for Revenue Recognition
November 14, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers. (FASB.org) (Exposure Draft)

IASB proposes to exempt investment entities from consolidation requirements
August 25, 2011 - The International Accounting Standards Board (IASB) published proposals to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10 Consolidated Financial Statements. (IFRS.org)

IASB and FASB announce intention to re-expose leasing proposals
July 21, 2011 - The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) announced today their intention to re-expose their revised proposals for a common leasing standard. (IFRS.org)

Committee on Private Company Reporting receives briefing by FASB on convergence projects
June 29, 2011 - The Private Company Financial Reporting Committee, a joint committee of the Financial Accounting Standards Board and the American Institute of CPAs, was briefed by the FASB on the progress of several convergence projects. PCFRC provided input on a number of issues, said chair Judy O’Dell, such as revenue recognition where there are proposed disclosure differences for private companies. (Accounting Today)

IASB and FASB align presentation requirements for other comprehensive income
June 16, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), the US national standard-setter, issued today amendments that will improve and align the presentation of items of other comprehensive income (OCI) in financial statements prepared in accordance with International Financial Reporting Standards (IFRSs) and those prepared in accordance with US generally accepted accounting principles (GAAP). (IFRS.org)

FASB Issues Accounting Standards Update to Improve Presentation of Comprehensive Income
June 16, 2011 - The Financial Accounting Standards Board (FASB) today issued Accounting Standards Update (ASU) No. 2011-05 Comprehensive Income (Topic 220): Presentation of Comprehensive Income. The Update is intended to increase the prominence of other comprehensive income in financial statements. (FASB Update No. 2011-05)


Top