FASB, IASB to Miss IFRS Convergence Target

The Financial Accounting Standards Board and the International Accounting Standards Board say they will not meet their June convergence goal, Accounting Today reported Thursday.

• The two entities say their work on revenue recognition, leasing, financial instruments and insurance projects will take a few months longer than planned because they want to incorporate recent feedback into their final convergence of U.S. Generally Accepted Accounting Principles (GAAP) with International Financial Reporting Standards (IFRS).
• The Group of 20 economic leaders had urged FASB and IASB to complete their work by June 2011.