The Financial Accounting Foundation said Tuesday that it will contribute up to $3 million to the International Financial Reporting Standards Foundation to help complete some of their joint accounting standards convergence projects.
The Financial Accounting Standards Board, which the FAF oversees, and the International Accounting Standards Board, which the IFRS Foundation oversees, have yet to issue long-awaited converged standards for revenue recognition, leasing, financial instruments and insurance contracts. The revenue recognition project is the closest to completion and is expected sometime in the first half of the year.
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