FASB and the International Accounting Standards Board (IASB) expect to issue final, joint standards in their major convergence projects by mid-2013, according to a
report to the Financial Stability Board (FSB) Plenary on Accounting Convergence.
The boards expect to begin redeliberations on their joint project on revenue recognition in the second quarter of 2012, according to the report. In the second half of 2012, they plan to re-expose their projects on leases; insurance; and impairment, and classification and measurement of financial instruments, the report says.
A final standard on revenue recognition is expected early in 2013. Final standards on leases and financial instruments are expected later next year.