IASB/FASB Work Plan and State of Convergence
Janice Patrisso, Partner, National IFRS Leader; Karl Braun, Seconded Partner, IFRS Project Management Office; Paul Munter, Partner, IFRS National Professional Practice Leader, KPMG LLP | June 30, 2010 | 12:00pm ET
IFRS Institute
The FASB and IASB issued a progress report on the convergence between IFRS and US-GAAP, and both boards anticipate having the majority of their major new Exposure Drafts issued June 30, 2010.
However, there is also a new timeline for issuing exposure drafts on the remaining convergence subjects with the announcement to limit the number of new exposure drafts per quarter and the decision to spread out finalization of the convergence projects over six more months until the end of 2011.
This Webcast provides an overview of IASB/FASB status report on the Memorandum of Understanding (MoU) projects and the updated IASB/FASB work plan, discuss the current status of the MoU convergence projects, and elaborate on the Boards' current thinking relative to those projects that have been identified as having the highest priority. In addition, presenters discuss the potential interaction of the revised strategy of the Boards with the activities contemplated under the SEC work plan on IFRS.