The International Accounting Standards Board and the Financial Accounting Standards Board have just posted their joint progress report on their convergence activities. “The boards are close to completing the MoU [Memorandum of Understanding] program,” according to the report:

Most of the short-term projects identified for action have been completed or are close to completion and one has been determined to be a lower priority. Of the longer-term projects, several have been completed and there are three of the originally identified projects for which the boards have yet to finalize the technical decisions—leases, revenue recognition, and financial instruments.

For more information about convergence between IFRS and U.S. GAAP, click here.