Earlier this week, the IASB and FASB posted an Progress Report on Convergence. The following information was posted by the IASB:
The November 2011 G20 Declaration called on the IASB and the FASB to provide a progress report on their convergence activities, for consideration at the April 2012 meeting of G20 Finance Ministers and Central Bank Governors. The Declaration also called for the completion of the governance and strategy reviews.
A joint IASB/FASB progress report describing these activities has now been issued via the Financial Stability Board, and is available to download by clicking here [external website].
For more information about convergence between IFRSs and US GAAP, please click here.
In related news, see our earlier post about the G20's Finance Ministers and Central Bank Governors meeting last week.
Note: While that original post included 'my two cents,' I would add a 'third cent,' (see disclaimer posted on the right side of this blog) in that 'getting it right' is generally more important than meeting an artificial timeline, particularly on projects with extreme complexity, extremely broad implications, and potentially having a significant impact indirectly (if not directly) on the global economy and/or pockets thereof.