What is the latest on IFRS convergence, IFRS standards and IFRS statements?

The list of projects identified by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) that differed between US GAAP and IFRS are still being worked through. These projects are referred to as IFRS convergence. To-date I think that have completed five of these projects; however, theare are still a few more to go. The current proposed timeline to complete these projects is the second half of 2011 with one project on US Insurance accounting rolling into the first half of 2012.

There is currently no set-time on requirements for US Companies listed on the SEC to report on IFRS; however, the expectation has been that once all the convergence projects are completed then the SEC will put a time-line in place. Just yesterday the SEC announced that they will hold a roundtable meeting on July 7, 2011 to discuss the benefits and challenges of potentially implementing IFRS requirements for its US SEC issuers. I suspect further guidance on potential implementation and timing will be announced after this meeting.

There are three websites that are good resources for both staying current on the convergence projects, the implementation of IFRS for US SEC issuers and resources to help Company's gear-up for a potential change in reporting. Here are the sites:

www.ifrs.com (This is the AIPCA IFRS site)
www.fasb.org (Go to the "projects" tab)
www.ifrs.org (IASB's website)

Also, www.sec.gov can be a resource to keep current on possible implementation requirements.

Hope you find this useful.

Candy Vaughn

Thanks so much for the great reference information and links - to say nothing of the lightning fast response! I guess the FASB and IASB are going to keep us in suspense for a while longer but we'll all have to keep an eye peeled. Thanks again.

Jeff:
As it should happen, the IASB and FASB issued a joint progress report earlier today. http://www.ifrs.org/News/Press+Releases/progress+report+2011.htm.