FASB released a report on November 29 with the unwieldy title “Progress Report on Commitment to Convergence of Accounting Standards and a Single Set of High Quality Global Accounting Standards”. Bottom line, FASB and IASB have reaffirmed their commitment to convergence. High priority projects are on track for a June 2011 completion date. The projects included in that designation are the following.
- Financial instruments
- Revenue Recognition
- Fair value measurement
- Insurance Contracts
That pretty much covers, well, I don’t know…80%-90% of everything I’ve ever learned about accounting. As much as I’d like to ignore it, big changes are coming, and CPAs will have to relearn how to account for transactions that fall into these areas.