US – IFRS Convergence Need Not Be Completed by June 2011

While the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) work to complete an unprecedented 11 standards over the next 14 months, the US Securities and Exchange Commission (SEC) Chief Accountant James Kroeker said that he would support the boards’ cutting the number of projects due in June 2011, provided there was good rationale for a delay. Financial instruments and lease accounting are the two projects Kroeker suggested should remain atop the boards’ priority list. Others, such as financial statement presentation, could be completed through a more gradual process, he said. (Read the article SEC Chief Accountant Says Convergence Need Not Be Completed by June 2011 in the Journal f Accountancy online.)