In a joint podcast, David Tweedie, Chairman of the IASB and Leslie Seidman, Chairman of the FASB discussed convergence project decisions from the FASB / IASB board meeting (April 12-14, 2011).  They summarized the progress that the Boards have made on the convergence project to date, they discussed the overarching objectives of the project, and they announced an extension of the target deadline.

Over nine years, the convergence project has evolved from one that focused on removing the existing differences between the two sets of standards to one focused on the joint development of improved standards.  Earlier convergence projects on inventory, accounting changes, borrowing costs and the fair value option are examples of projects where existing US GAAP or IFRS Standards were modified to eliminate differences.  More recent projects including stock-based compensation, business combinations and non-controlling interests are examples of jointly developed standards.  In addition, the Boards are about to issue final, jointly-developed converged standards on fair value measurement and other comprehensive income.  

The chairmen emphasized that the goal of convergence is high quality standards that allow ample time for outreach to constituents.  The input from interested parties has allowed the Boards to develop standards in a collaborative manner.  At this point, the Boards have yet to complete their work on leasing, revenue recognition, financial instruments and insurance.  Therefore, they announced that the original June 2011 target for convergence has been extended to the end of 2011.