**See bottom of post for a June 25 update.**

After suffering through a 5-hour delay in Newark on Friday, it appears that I was not the only one about to be subjected to delay.

Many of you have probably been wondering how the FASB and IASB were going to accomplish the monumental task of finishing all of the Memorandum of Understanding projects by mid-2011.  Well, (unlike me on Friday) you may be relieved to learn that the goal appears to be changing.

As reported in this Reuters article:

The head of the Financial Accounting Standards Board, which sets U.S. accounting rules, said on Tuesday he does not expect FASB to meet a June 30, 2011 deadline for convergence with international accounting rules, requested by the G20 group of industrial and emerging countries.

The Norwalk, Connecticut-based FASB and the London-based International Accounting Standards Board expect to announce changes to their convergence work plan in the next week or so that would delay the completion date by about six months and allow for greater public comment on the boards’ proposals, FASB Chairman Robert Herz said in an interview with Reuters.

“We’ve been working on a revised work plan with the IASB,” Herz said.

“We’d all like to see the work done as expeditiously as possible, but we don’t want to sacrifice proper due process.”  (Emphasis added)

The article goes on to say that Herz “expect(s) the boards to stagger the release of their proposals over the next seven to nine months, so they could still ‘get most if not all of them done by the end of 2011.’”

Expect to hear more details as the FASB and IASB work out the details of their revised work schedule.


Disclaimer: The views expressed here are my own and do not represent positions of the Financial Accounting Standards Board. Positions of the FASB are arrived at only after extensive due process and deliberations.


**************Update***************

On June 24, the FASB/IASB released an updated schedule for the MoU projects.  You can see the revised timeline for each project here.

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