November 2010
In a joint declaration at the end of November, the IASB and FASB stated that they will henceforth focus all their efforts on the projects which they deem essential to achieving the convergence targets set by the G20 for June 2011.
The two Boards will therefore pump their resources into the joint projects on financial instruments, revenue recognition, leases, presentation of OCI and fair value measurement over the coming weeks. Other priorities for the IASB include the projects on insurance contracts and consolidation. The IASB’s work plan has subsequently been updated to reflect these decisions. In this issue, we present
the major changes made from the October 2010 work plan.
