When the financial crisis was at its peak in 2009, the G20 group met to set a date for the worldwide convergence of the financial standards by end of the year. The deadline got postponed to mid-2011 and then again mid-2013. In a recent report from the SEC which made it clear that the IASB cannot be the lead, the convergence project is in doldrums now.
The G20 met again this week to talk about the deadline. The update is that The Financial Stability Board, a G20 task force, will request by no later than end June 2013 a joint IASB-FASB report on all outstanding items with a specific timetable for completion.
Let’s hope that there will be some resolution on the convergence project before there is another financial crisis.