June deadline for accounting convergence slips

The US and international accounting standard-setters have warned that their convergence work will not be completed by 30 June. A recent update does, however, highlight the progress made to eliminate differences between the US and international rules.

The accounting boards have finished five projects on financial statement standards, joint arrangements, post-employment benefits, fair value measurement and the presentation of other comprehensive income.

There has also been “substantial progress” on three other projects, covering financial instruments, accounting, leasing and revenue recognition, and a joint project aligning insurance accounting standards. However, the project on insurance contracts is the most delayed.