Financial Accounting Standards Board chair Leslie Seidman gave an overview of the work of the board as it tries to achieve its convergence goals with the International Accounting Standards Board, and said they were taking extra time to get the standards right and trying to simplify them to make them easier for accountants to apply.
At a conference last Thursday on financial reporting at Baruch College in New York, she noted that the two boards are still working through the differences on their major convergence projects: financial instruments, leasing and revenue recognition. The two boards recently announced that they were extending the convergence timeline for those three standards, along with their project on insurance standards (see FASB and IASB Extend Convergence Timeline). The boards have decided to focus on a limited set of standards for now, and Seidman said that the “winnowing-down process” had been useful for the boards in digesting the comments they had received.
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