IFRS newsletter - English - February 2011

February saw significant changes of direction in two key projects in the work plan for convergence between IFRS and US GAAP: the accounting treatment of leases and revenue recognition.

During their redeliberations, and in the light of the comments they had received from stakeholders, the IASB and the FASB have very significantly amended some of the positions taken in the exposure drafts on these two projects. Though the new directions proposed are still to be confirmed in the definitive standards, a strong message has been sent: the IASB and the FASB are listening (at last!) to the criticisms they receive, and will take the time necessary in order to issue high-quality standards.

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IFRS newsletter - English - February 2011
IFRS newsletter - English - February 2011