Financial Accounting Standards Board chair Leslie Seidman said that many of the priority projects slated for convergence with the International Accounting Standards Board probably will not be settled until next year at the earliest.

In an interview with Accounting Today staff on Tuesday, Seidman commented on FASB’s progress in its convergence work with the International Accounting Standards Board, and the SEC’s eagerly anticipated decision on whether it will incorporate International Financial Reporting Standards into the U.S. financial reporting system. FASB and the IASB have repeatedly delayed the convergence timeline for their priority projects on revenue recognition, financial instruments, leasing and insurance contracts.

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