The FASB and the International Accounting Standards Board (IASB) have decided to extend the timetable for a few additional months to complete priority joint convergence projects on revenue recognition, leases, financial instruments and insurance.
"The June target has helped us to get there but at the same time it is clear that we need a little more time to check the conclusions, and to ensure that the standards are of the highest quality," says Sir David Tweedie, Chairman of the IASB in a podcast summary of the boards’ April 12-14 joint meeting.
FASB Chairman Leslie Seidman adds that their next step is to lay out the plans for the completion of the work on the remaining projects. “This is going to include: how are we going to complete our technical discussions, and importantly, how are we going to consult with stakeholders as we move forward to finalizing these standards.”
"We have yet to decide on the effective dates for these standards but we do want to reassure people that we will allow ample time for them to understand the requirements and to plan for an effective transition to the new standards once those decisions are made," says Seidman.
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