Slower Rate of Convergence for U.S. GAAP and IFRS

The original date of June 30, 2011 where FASB and IASB would align/converge major areas of accounting has been extended to the end of 2011. They will still meet the June 2011 date for many "urgently required" projects but some projects will not come until the second half of 2011. The reason for this is to allow more time for due diligence, review and consensus.

Will this delay the U.S. adoption to IFRS? According to Ms. Schapiro, no, it will not; she is confident that the decision to adopt IFRS in the U.S. will be decided by 2011.

I personally hope so because I fear that if the decision is delayed further, it might seep into the 2012 presidential election which could delay the adoption further.

For more information, see reuters.com.

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