Convergence Headquarters


Follow progress of convergence efforts between the U.S. Financial Accounting Standards Board and the International Accounting Standards Board. Links to the most current work plans of the standard setters are provided below, in addition to progress reports from standard setters, frequently asked questions on exposure drafts and other resources to help you keep track of accounting convergence.

IASB Workplan
 
FASB Technical Plan
 
Progress Report
The timetable shows the current best estimate of document publication dates. The effective date of amendments and new standards is usually 6-18 months after publication date, although in setting an effective date the Board considers all relevant factors. In appropriate circumstances, early adoption of new standards will be allowed. Links to individual project pages are provided on the Work Plan section of IASB website. (IFRS.org)
 
The U.S. Financial Accounting Standards Board provides a schedule to help its constituents monitor the progress of and plan for their involvement in the Board’s standard setting activities. The schedule provides a current estimate of the publication dates of due process documents expected to be issued in the next 6 quarters. Links to individual project pages are provided in this section of the FASB’s website. (FASB.org)
 
Progress Report on Commitment to Convergence of Accounting Standards and a Single Set of High Quality Global Accounting Standards

Download report (PDF).


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Transition Group Formed by IASB and FASB to Address Revenue Recognition
July 31, 2013 - Russell Golden, FASB Chairman, indicates that the purpose of the group will be to help resolve any issues of diversity that may arise as companies and other entities move toward implementing the final revenue recognition standard. (AccountingToday)

Russell Golden, Recently-Appointed FASB Chairman, Discusses Entity’s Present Role in Shaping U.S. and International Standards
July 29, 2013 - The Chairman talks about a new collaboration between FASB and IASB and outlines approach and progress in a number of projects related to convergence, leasing, revenue recognition, insurance and codification. (AccountingToday)

FEI Canada publishes study of transition costs from Canadian GAAP to IFRS
July 17, 2013 - FEI Canada published the findings of its research into the costs borne by Canadian companies in their transition from Canadian GAAP to IFRS. The research was jointly funded by the Canadian Accounting Standards Oversight Council and the IFRS Foundation. (IFRS.org)

Standards for Financial Instruments Accounting Are Focus of FASB’s Revised Proposal
February 14, 2013 - The Board is requesting public comment on its latest proposal revisions, which include a framework for measurement and classification of financial instruments, aimed at facilitating convergence with IFRS. (AccountingToday)

Global Comparability in Accounting Standards May Require New Approaches
January 10, 2012 - Speaking at a conference of the New York Society of Security Analysts, FASB Chairman Leslie Seidman and IASB Chairman Hans Hoogervorst reaffirmed their commitment to working together to bring about convergence. (Journal of Accountancy)

FASB, IASB expected loss proposals won’t match, but Seidman still hopes for convergence
December 20, 2012 - Financial Accounting Standards Board Chairman Leslie Seidman hopes her board can still find a converged solution to expected credit losses with the International Accounting Standards Board. Although FASB on Dec. 20 released an exposure draft that will differ from the one the IASB plans to release in the first quarter of this year, Seidman said FASB will review comments on both proposals in hopes of finding a converged approach to impairment in the accounting for financial instruments project. JournalofAccountancy.com

Global accounting bodies rethink definition of convergence
December 11, 2012 - Global accounting standard setters acknowledge that completion of the convergence projects is unlikely to happen in the near term, but progress can still be made to closely align International Financial Reporting Standards and U.S. GAAP. "If the ambition is a single set of high-quality, globally accepted, and, in my view, principle-based standards, we're closer now than we were five years ago," says IFRS Foundation Trustee James Quigley. JournalofAccountancy.com

IFRS Foundation Trustee James Quigley Urges Continued Co-operation With the U.S. in its Adoption of IFRS
December 12, 2012 - In an interview, Quigley advises keeping in mind the broad picture of the overall movement and progress toward a global set of standards that has already been achieved and will continue to develop, even after a so-called “ending” of the convergence initiative. (Journal of Accountancy)

FASB, IASB union fragile amid SEC indecision on IFRS
December 4, 2012 - Article discusses some of the issues and events presented during the AICPA Conference on Current SEC and PCAOB Developments in Washington and highlights some of the comments from FASB Chairman Leslie Seidman, IASB Chairman Hans Hoogervorst, and AICPA Chairman Richard Caturano regarding the interactions between the agencies related to IFRS. (Journal of Accountancy)

Leslie Seidman, FASB Chair, Expresses Views on the Board’s Continuing Working Relationship With the IASB, In Light of Her Soon-Ending Term as Chair.
October 25, 2012 - In the article, Seidman affirms that the two entities, along with the SEC, will continue to work, via multiple possible approaches, on the goal of convergence; re-emphasizes the necessity of taking whatever length of time necessary to bring about an optimal result; and re-affirms the continuing mission of the FASB, over-and-above changes in personnel. (AccountingToday)

U.S. leadership position among accounting bodies at stake if progress toward IFRS, convergence stalls, Melancon warns
October 22, 2012 - The article presents the comments of AICPA President and CEO Barry Melancon regarding the importance of the U.S. continuing to push for convergence of U.S. GAAP and international standards. (Journal of Accountancy)

FASB, IASB Chiefs Agree New Convergence Model is Needed
December 6, 2011 - The heads of the U.S. and international accounting boards that have been working to resolve standards differences agree that their current convergence process should be replaced by one that is more manageable and effective. (Journal of Accountancy)

SEC Staff Paper: A Comparison of U.S. GAAP and IFRS
November 16, 2011 - The staff paper provides a summary of similarities and differences between the two sets of standards. It also describes the status of the convergence efforts of the FASB and IASB in aligning various standards as part of their Memorandum of Understanding (MoU).

IASB and FASB Publish Revised Proposal for Revenue Recognition
November 14, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today issued for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards (IFRSs) and US General Accepted Accounting Principles (GAAP) for revenue (and some related costs) from contracts with customers. (FASB.org) (Exposure Draft)

IASB proposes to exempt investment entities from consolidation requirements
August 25, 2011 - The International Accounting Standards Board (IASB) published proposals to define investment entities as a separate type of entity that would be exempt from the accounting requirements in IFRS 10 Consolidated Financial Statements. (IFRS.org)

IASB and FASB announce intention to re-expose leasing proposals
July 21, 2011 - The International Accounting Standards Board (IASB) and the US-based Financial Accounting Standards Board (FASB) announced today their intention to re-expose their revised proposals for a common leasing standard. (IFRS.org)

Committee on Private Company Reporting receives briefing by FASB on convergence projects
June 29, 2011 - The Private Company Financial Reporting Committee, a joint committee of the Financial Accounting Standards Board and the American Institute of CPAs, was briefed by the FASB on the progress of several convergence projects. PCFRC provided input on a number of issues, said chair Judy O’Dell, such as revenue recognition where there are proposed disclosure differences for private companies. (Accounting Today)

IASB and FASB align presentation requirements for other comprehensive income
June 16, 2011 - The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), the US national standard-setter, issued today amendments that will improve and align the presentation of items of other comprehensive income (OCI) in financial statements prepared in accordance with International Financial Reporting Standards (IFRSs) and those prepared in accordance with US generally accepted accounting principles (GAAP). (IFRS.org)

FASB Issues Accounting Standards Update to Improve Presentation of Comprehensive Income
June 16, 2011 - The Financial Accounting Standards Board (FASB) today issued Accounting Standards Update (ASU) No. 2011-05 Comprehensive Income (Topic 220): Presentation of Comprehensive Income. The Update is intended to increase the prominence of other comprehensive income in financial statements. (FASB Update No. 2011-05)