The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have published a progress report on their joint convergence projects. Since their previous report in November 2010, the boards have completed five projects. In the next few weeks, the IASB will issue new standards on consolidated financial statements (including disclosure of interests in other entities), joint arrangements and post-employment benefits. Both boards will issue new requirements in relation to fair value measurement and the presentation of other comprehensive income. In addition, the boards have made progress on the three remaining Memorandum of Understanding (MoU) projects — financial instruments accounting, leasing and revenue recognition — as well as insurance accounting. The boards have also agreed to extend the timetable for the remaining priority convergence projects beyond June 2011 to permit further work and consultation with stakeholders. The convergence projects are targeted for completion in the second half of this year. (Read the full article "IASB and FASB Report Progress on Convergence" at Journal of Accountancy online.
