FASB, IASB Re-Evaluate Standards

The Financial Accounting Standards Board's chairwoman said that FASB and the International Accounting Standards Board had narrowed their convergence projects to three and were carefully and methodically evaluating them to make sure the new rules are easy for accountants to apply, according to Accounting Today.

• Groups focusing on financial instruments, leasing and revenue recognition.
• FASB chair Leslie Seidman said the groups were taking pains to incorporate feedback from constituents.
• Boards still hope to complete some of their work by the end of June.