June 2 (Reuters) - FASB, IASB:
* Financial accounting standards board and international accounting standards
board say are in the process of developing a 'modified strategy' on
international convergence
* Fasb & iasb say modified strategy retains the target completion date of June
2011 for many of the convergence projects
* Fasb & iasb say the target completion dates for a few projects have extended
into the second half of 2011
* Fasb & iasb say have begun discussions on this proposed strategy with their
respective oversight bodies and regulators
* Fasb & iasb say delay is not expected to 'negatively impact the securities
and exchange commission's work plan' on international accounting rules
* Fasb & iasb say expect to publish shortly a progress report that includes a
revised convergence work plan
* Fasb & iasb chairmen send letter to g20 on modifications to convergence work
plan
(New York Equities Desk; tel: +1 646 223 6000) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Financial accounting standards board and international accounting standards
board say are in the process of developing a 'modified strategy' on
international convergence
* Fasb & iasb say modified strategy retains the target completion date of June
2011 for many of the convergence projects
* Fasb & iasb say the target completion dates for a few projects have extended
into the second half of 2011
* Fasb & iasb say have begun discussions on this proposed strategy with their
respective oversight bodies and regulators
* Fasb & iasb say delay is not expected to 'negatively impact the securities
and exchange commission's work plan' on international accounting rules
* Fasb & iasb say expect to publish shortly a progress report that includes a
revised convergence work plan
* Fasb & iasb chairmen send letter to g20 on modifications to convergence work
plan
(New York Equities Desk; tel: +1 646 223 6000) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.