In an exclusive interview with Accounting Today, Leslie Seidman chair of the Financial Accounting Standards Board, detailed the current status and likely future timeline for the four main remaining parts of the board’s convergence agenda with the International Accounting Standards Board.

Three of the four items -- on revenue recognition, accounting for financial instruments, and leasing -- were part of the original convergence agenda, while the fourth, on insurance, was added later. As the complexity of the issues involved and the potential effects on stakeholders have become clearer, the projects have been delayed several times, but Seidman laid out a detailed timeline that would see them finished largely by the end of 2013.

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