IASB and FASB report continued progress in their work to converge IFRSs and US GAAP

The IASB and the FASB today published a progress report on their work to improve IFRSs and US GAAP and to bring about their convergence.

Since the last progress report was published June 2010 the boards have jointly issued major exposure drafts on Leases and Revenue Recognition, completed the first phase of the Conceptual Framework project and begun discussions to seek to align their respective Financial Instruments accounting proposals. The boards have also further prioritised board time available to discuss convergence projects.

http://www.ifrs.org/NR/rdonlyres/26FA84E8-631D-44A8-AAAB-AA60F40B647E/0/MoUStatusUpdateNov2010.pdf