After some high-profile priority shuffling over the past several weeks, U.S. and international accounting rule makers have published a new progress report affirming their commitment to complete a handful of core changes by mid 2011.
The Financial Accounting Standards Board and the International Accounting Standards Board said they are still on target to finish writing new accounting standards for financial instruments, revenue recognition, leases, comprehensive income, and fair value measurement by June 2011 or earlier. The IASB is also on target to align its disclosure requirements for derecognized assets and other off-balance-sheet risks with U.S. rules and to finish its updates for consolidations and insurance contracts by the same date.
